Carlyle Group pays $2M to Joseph Yaakovzadeh for 2-family in Bushwick

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2 million to Joseph Yaakovzadeh through the entity 249 Bricks LLC for the two-family building (B2) at 68 Linden Street in Bushwick, Brooklyn.
The deal closed on February 24, 2023 and was recorded on March 2, 2023. The property has 3,200 square feet of built space and 1,660 square feet of additional air rights for a total buildable of 4,860 square feet according to PincusCo analysis of city data. The sale price per built square foot is $640 and the price per buildable square foot is $421 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 February 17, 2022, for $925,000 and filed plans for a major renovation. The signatory for Joseph Yaakovzadeh was Matthew Matatof. 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 143 properties in 125 transactions for a total of $766.5 million and sold one properties in one transactions for a total of $4 million over the past 24 months.
The seller Joseph Yaakovzadeh had not purchased any other properties and sold three properties in three transactions for a total of $9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Yaakovazadeh, head officer and Rabi Yaghoubzadeh, officer. The business entities are 249 Bricks Llc and 249 Bricks Llc.

The property

The 68 Linden Street parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 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

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 64,191 square feet of the 78,650 square feet. The largest owner is Violet Russell, followed by Louis Engel & Co. Inc. and then Eran Malka.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 78,650 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Joseph Yaakovzadeh owned at least 22 commercial properties in New York City with 98,998 square feet and a city-determined market value of $17.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 51 percent of the 98,998 square feet of built space are mixed-use properties, with walkup properties next occupying 46 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Bronx next at 9 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 193 commercial properties in New York City with 2,316,336 square feet and a city-determined market value of $554.5 million. (Market value is typically about 50% of actual value.) The portfolio has $1.1 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 55 percent of the 2,316,336 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 39 percent of the space.

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