Carlyle Group pays $5.4M for 5-unit walkup in Williamsburg

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $5.4 million to Alon Ashourzadeh through the entity 195 Meserole LLC for the five-unit residential walkup building (C2) at 195 Meserole Street in Williamsburg, Brooklyn.
The deal closed on March 23, 2023 and was recorded on March 28, 2023. The property has 4,525 square feet of built space and 1,550 square feet of additional air rights for a total buildable of 6,075 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,200 and the price per buildable square foot is $894 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 November 4, 2021, for $2.2 million. The signatory for Alan Ashourzadeh was Alon Ashourzadeh. 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 145 properties in 127 transactions for a total of $772.3 million and sold one properties in one transactions for a total of $4 million over the past 24 months.
The seller purchased three properties in two transactions for a total of $7.3 million and sold two properties in two transactions for a total of $7.5 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Alon Ashourzadeh, head officer. The business entity is 195 Meserole Llc. The 4,525-square-foot property generated revenue of $114,528 or $25 per square foot, according to the most recent income and expense figures.

The property

The 195 Meserole Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $905,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received four housing violations and $50 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 14 of the 19 commercial properties representing 118,261 square feet of the 140,616 square feet. The largest owner is Watermark Capital Group, followed by Vincent Tang and then St. Nicks Alliance.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 140,616 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 the company that Alon Ashourzadeh owned at least 13 commercial properties in New York City with 80,769 square feet and a city-determined market value of $17.6 million. (Market value is typically about 50% of actual value.) The portfolio has $7.6 million in debt, borrowed from Dime Community Bank. Within the portfolio, the bulk, or 32 percent of the 80,769 square feet of built space are mixed-use properties, with walkup properties next occupying 23 percent of the space. The bulk, or 57 percent of the built space, is in Brooklyn, with Bronx next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 195 commercial properties in New York City with 2,323,835 square feet and a city-determined market value of $556.4 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 55 percent of the 2,323,835 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 38 percent of the space.

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