Carlyle Group pays $2.9M to Omid Mashieh for 2-unit rental in South Slope

The Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.9 million to Omid Mashieh through the entity 382 East 91 LLC for two-unit 1-4 family building (B2) at 329 Prospect Avenue in South Slope, Brooklyn.
The deal closed on August 11, 2022 and was recorded on August 30, 2022. The property has 1,710 square feet of built space and 390 square feet of additional air rights for a total buildable of 2,106 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,690 and the price per buildable square foot is $1,372 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on August 13, 2021, for $1.3 million. The signatory for Omid Mashieh was Joseph J. Cohen. The signatory for Carlyle Group was Carter Martin.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased more than 100 properties including 34 properties in 18 transactions for a total of $348.7 million and sold one property in one transaction for a total of $9.5 million over the past 24 months.
The seller Omid Mashieh had not purchased any other properties and sold two properties in two transactions for a total of $5.7 million over the same time period.

The property

The 329 Prospect Avenue parcel has frontage of 19 feet and is 80 feet deep with a total lot size of 1,560 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 7,543 square feet of built space are mixed-use buildings, with industrial buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 126 commercial properties in New York City with 1,993,569 square feet and a city-determined market value of $479.5 million. (Market value is typically about 50% of actual value.) The portfolio has $897.9 million in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 63 percent of the 1,993,569 square feet of built space are elevator properties, with rental condo properties next occupying 8 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Queens next at 33 percent of the space.

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