Carlyle Group pays $4.27M for two walkups in Bedford Stuyvesant

Carlyle Group paid a total of $4.27 million for Bedford Stuyvesant walkup properties to two sellers in two transactions.

In the first, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.1 million to Joshua Yaghoubzadeh through the entity 1117 Greene LLC for the three-unit building (C0) at 554 Putnam Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on June 15, 2023 and was recorded on June 21, 2023. The property has 2,675 square feet of built space and 989 square feet of additional air rights for a total buildable of 3,666 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $803 and the price per buildable 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 March 29, 2022, for $1.1 million. The signatory for Joshua Yaghoubzadeh was Matthew Matatof. The signatory for Carlyle Group was Carter Martin.

In the second, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.1 million to Joseph Yaakovzadeh and Brickstone Group through the entity Van Buren Bricks LLC for the two-unit family building (B3) at 43 Van Buren Street in Bedford Stuyvesant, Brooklyn. The deal closed on June 14, 2023 and was recorded on June 21, 2023. The property has 2,160 square feet of built space and 1,840 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $983 and the price per buildable square foot is $531 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 June 22, 2022, for $1.2 million. The signatory for Joseph Yaakovzadeh and Brickstone Group 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 169 properties in 151 transactions for a total of $921 million and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Joshua Yaghoubzadeh had not purchased any other properties and sold one properties in one transactions for a total of $2.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Yaakovzadeh, head officer and Yaniv Izhak, officer. The business entity is 1117 Greene Llc.

The property

The building with 3 residential units in Bedford Stuyvesant has 2,675 square feet of built space and 989 square feet of additional air rights for a total buildable of 3,666 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,833 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 $1.5 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 two housing violations and $600 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 24 commercial properties representing 71,588 square feet of the 133,989 square feet. The largest owner is Yosef Katz, followed by St. Nicks Alliance and then Sheryl Johnson.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 133,989 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 232 commercial properties with 2,356 residential units in New York City with 2,804,123 square feet and a city-determined market value of $718.5 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 52 percent of the 2,804,123 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 38 percent of the built space, is in Brooklyn, with Queens next at 33 percent of the space.

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