Carlyle Group pays $4.3M to Joel Teitelbaum, Chaim Halberstam for 6-unit walkup in Ridgewood

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $4.3 million to Joel Teitelbaum and Chaim Halberstam through the entity 1721 Putnam LLC for the six-unit residential walkup building (C2) at 1721 Putnam Avenue in Ridgewood, Queens.
The deal closed on August 31, 2023 and was recorded on September 8, 2023. The property has 5,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $768 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 July 24, 2018, for $1.4 million. The signatory for Joel Teitelbaum and Chaim Halberstam was Joel Teitelbaum and Chaim Halberstam. The signatory for Carlyle Group was Carter Martin. The contract date was August 3, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 181 properties in 163 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 Joel Teitelbaum purchased one property in one transaction for a total of $4.1 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Zach Spira, head officer. The business entity is 1721 Putnam Llc.

The property

The residential walkup building with 6 residential units in Ridgewood has 5,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,742 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 $665,000.

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 five DOB violations 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 33 commercial properties representing 61,900 square feet of the 183,566 square feet. The largest owner is Wioletta Brzozowski, followed by Rosario Scibilia and then Kwok Hei Lee.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 183,566 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Chaim Halberstam owned at least seven commercial properties with 47 residential units in New York City with 57,054 square feet and a city-determined market value of $8.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 57,054 square feet of built space are walkup properties, with office properties next occupying 31 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Joel Teitelbaum owned at least two commercial properties with eight residential units in New York City with 33,165 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 85 percent of the 33,165 square feet of built space are industrial properties, with walkup properties next occupying 15 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Brooklyn next at 15 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 243 commercial properties with 2,393 residential units in New York City with 2,768,430 square feet and a city-determined market value of $730.3 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 53 percent of the 2,768,430 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.

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