Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $4.1 million to Greenbrook Partners through the entity 11 Stagg St, LLC for the four-unit 1-4 family building (C3) at 11 Stagg Street in Williamsburg, Brooklyn.
The deal closed on July 21, 2023 and was recorded on July 26, 2023. The property has 3,750 square feet of built space and 1,249 square feet of additional air rights for a total buildable of 4,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,093 and the price per buildable square foot is $820 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 15, 2021, for $2.3 million. The signatory for Greenbrook Partners was Gregory Fournier. 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 173 properties in 155 transactions for a total of $933.4 million and sold one property in one transaction for a total of $4 million over the past 24 months.
The seller Greenbrook Partners purchased 33 properties in 33 transactions for a total of $117.6 million and sold 17 properties in 17 transactions for a total of $99.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Prashanth Rayapudi, head officer and Dinara Igimbayeva, site manager. The business entity is 11 Stagg St Llc.
The building with 4 residential units in Williamsburg has 3,750 square feet of built space and 1,249 square feet of additional air rights for a total buildable of 4,998 square feet 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 $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 received $75 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 three of the four commercial properties representing 100,405 square feet of the 100,405 square feet. The two identified owners are LIHC Investment Group and Joel Wieder.
There are no active new building construction projects on this tax block.
The majority, or 80 percent of the 100,405 square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.
The PincusCo database currently indicates that Greenbrook Partners owned at least 81 commercial properties with 629 residential units in New York City with 591,950 square feet and a city-determined market value of $172.2 million. (Market value is typically about 50% of actual value.) The portfolio has $272.5 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and Signature Bank respectively. Within the portfolio, the bulk, or 63 percent of the 591,950 square feet of built space are walkup properties, with mixed-use properties next occupying 12 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Carlyle Group owned at least 236 commercial properties with 2,364 residential units in New York City with 2,815,566 square feet and a city-determined market value of $727.8 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 2,815,566 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 39 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.
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