Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3 million to Joseph Kaufman through the entity Grove Realty NY LLC for the six-unit residential walkup building (C2) at 1924 Grove Street in Ridgewood, Queens.
The deal closed on May 5, 2023 and was recorded on May 9, 2023. The property has 5,175 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $589 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 May 13, 2014, for $900,000. The signatory for Joseph Kaufman was Joseph Kaufman. 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 154 properties in 136 transactions for a total of $850.5 million and sold one property in one transaction for a total of $4 million over the past 24 months.
The seller Joseph Kaufman had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Joseph Kaufman, head officer. The business entity is Grove Realty Ny Llc. The 5,175-square-foot property generated revenue of $85,336 or $16 per square foot, according to the most recent income and expense figures.
The residential walkup building with 6 residential units in Ridgewood has 5,175 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $742,000.
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 received $620 in ECB penalties, four housing violations, and $770 in OATH penalties 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 13 of the 34 commercial properties representing 63,062 square feet of the 168,924 square feet. The largest owner is Saban Mustafic, followed by Mladen Stojanovic and then Joseph Kaufman.
There are no active new building construction projects on this tax block.
The majority, or 87 percent of the 168,924 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.
The PincusCo database currently indicates that Joseph Kaufman owned at least three commercial properties with 38 residential units in New York City with 29,484 square feet and a city-determined market value of $5.3 million. (Market value is typically about 50% of actual value.) The portfolio has $9.1 million in debt, borrowed from Santander Bank. Within the portfolio, the bulk, or 65 percent of the 29,484 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. The bulk, or 82 percent of the built space, is in Brooklyn, with Queens next at 18 percent of the space.
The PincusCo database currently indicates that Carlyle Group owned at least 208 commercial properties with 2,275 residential units in New York City with 2,702,149 square feet and a city-determined market value of $687.2 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 54 percent of the 2,702,149 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 36 percent of the built space, is in Brooklyn, with Queens next at 33 percent of the space.
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