Carlyle Group pays $34M to FREO Group for rental in Clinton Hill

The Carlyle Group through the entity 79-81 Clifton Place Owner, L.L.C. paid $34 million to FREO Group through the entity 79 Clifton Place Owner LLC for 40-unit rental (D1) at 79-83 Clifton Place in Clinton Hill, Brooklyn.
The deal closed on October 1, 2021 and was recorded on October 12, 2021.
The property has 57,937 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $586 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 January 7, 2020, for $22.9 million.
The signatory for FREO Group was Meng Lee. The signatory for Carlyle Group was Jason Hart.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $123,660.
This rental is known as the Knitting Factory Lofts. Meng Lee is director of investments at FREO Group.

In July, The Real Deal reported the property was on the market, asking $35 million with Hodges Ward Elliott broker Daniel Parker as the seller’s agent.
The former owners according to the Department of Housing Preservation and Development includes Meng Lee, head officer and Michael Mintz, officer. The business entity was 79 Clifton Place Owner Llc.

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