Carlyle Group pays $4.7M for 8-unit building in Bushwick
Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $4.7 million to Yoel Klein and Samuel Retek through the entity 147 Stanhope LLC for the eight-unit building at 147 Stanhope Street in Bushwick, Brooklyn.
The deal closed on May 15, 2023 and was recorded on May 18, 2023. The property has zero square feet of built space and 6,072 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $773 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 6, 2017, for $1.2 million. The signatory for Yoel Klein and Samuel Retek was Yoel Klein. 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 155 properties in 137 transactions for a total of $853.5 million and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Yoel Klein had not purchased any other properties and had not sold any properties over the same time period.
The property
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 R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $105,000.
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 $6,250 in ECB penalties and $8,550 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on April 3, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 147 STANHOPE LLC to create 8 residential units in a building at 147 Stanhope Street in Bushwick, Brooklyn, called 147 Stanhope Street Condominiumthat has a $5.1 million sellout, according to an May 16, 2022 submission to the New York State Attorney General. The principal of the sponsor, 147 STANHOPE LLC, was Samuel Retek.
The neighborhood
In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.4 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the 12 commercial properties representing 31,421 square feet of the 51,204 square feet. The largest owner is Solomon Feder, followed by Rafael Gamba and then Menachem Halberstam.
There are no active new building construction projects on this tax block.
The majority, or 47 percent of the 51,204 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.
The seller
The PincusCo database currently indicates that Samuel Retek owned at least one commercial property in New York City with 0.0 square feet and a city-determined market value of $216,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property.
The buyer
The PincusCo database currently indicates that Carlyle Group owned at least 209 commercial properties with 2,281 residential units in New York City with 2,707,324 square feet and a city-determined market value of $688 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 2,707,324 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 34 percent of the space.
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