Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3.8 million to Oren Hakim through the entity 897 On LLC for the six-unit building at 897 Knickerbocker Avenue in Bushwick, Brooklyn. The building was formerly a 2-unit building that Oren Hakim expanded to a six-unit building.
The deal closed on September 27, 2023 and was recorded on October 16, 2023.
The seller bought the property on December 17, 2020, for $810,000. The signatory for Oren Hakim was Rosemary Hayden. The signatory for Carlyle Group was Carter Martin. The contract date was June 23, 2022.
Oren Hakim submitted a major alteration application for a conversion of a two-unit, 2,562 square-foot residential (RES) building at 897 Knickerbocker Avenue in Bushwick, Brooklyn. The plan was filed with the New York City Department of Buildings on April 7, 2021 under job number B00481228. It calls for the increase in size of the building from a two-story building with 2 dwelling units to a four-story building with 6 dwelling units. The project is described in the filing as: convert existing two (2) dwelling units to six (6) dwelling units. proposed new vertical two (2)-story enlargement on existing two (2)-story building. total four (4)-story.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 189 properties in 171 transactions for a total of $1.1 billion and sold one property in one transaction for a total of $4 million over the past 24 months.
The seller Oren Hakim purchased one property in one transaction for a total of $1.3 million and sold six properties in six transactions for a total of $18.1 million over the same time period.
The 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 for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 30,260 square feet of the 85,640 square feet. The largest owner is Steven Kalen, followed by Solomon Kubitshuk and then Namdar Realty Group.
On the tax block, there was one new building construction project filed totaling 3,568 square feet. It is a two-unit, 3,568 square-foot residential (R-3) building submitted by Sal Mendolia with plans filed September 22, 2017 and permitted November 1, 2022.
The majority, or 100 percent of the 85,640 square feet of built space are walkup buildings, with development buildings next occupying 0 percent of the space.
The PincusCo database currently indicates that Oren Hakim owned at least 13 commercial properties with 80 residential units in New York City with 61,622 square feet and a city-determined market value of $10.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 61,622 square feet of built space are walkup properties, with mixed-use properties next occupying 5 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Carlyle Group owned at least 252 commercial properties with 2,428 residential units in New York City with 2,802,378 square feet and a city-determined market value of $742 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 52 percent of the 2,802,378 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.
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