Carlyle Group pays $5.5M for 6-unit walkup in Greenpoint

Carlyle Group through the entity Brooklyn Townhouse Property Owner, L.L.C. paid $5.5 million to Hershy Silberstein’s Greenpoint Assets BK LLC for the six-unit residential walkup building (C2) at 320 Eckford Street in Greenpoint, Brooklyn.
The deal closed on October 18, 2023 and was recorded on October 23, 2023. The property has 4,875 square feet of built space and 124 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 $1,117 and the price per buildable square foot is $1,090 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 August 1, 2022, for $2.4 million. Jason Hart signed on behalf of Carlyle Group.

Prior sales and revenue

The 4,875-square-foot property generated revenue of $108,566 or $22 per square foot, according to the most recent income and expense figures.

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 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 $1.8 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 one DOB violation 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 $1 million on this tax lot.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 262 commercial properties with 2,891,550 square feet, 2,497 residential units and a city-determined market value of $761.5 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 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 2,891,550 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 43 percent of the built space, is in Brooklyn, with Queens next at 29 percent of the space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 20 commercial properties representing 86,409 square feet of the 108,514 square feet. The largest owner is Alon Ashourzadeh, followed by Henryk Dmochowski and then Hershy Silberstein.
On the tax block, there was one new building construction project,  a 70-unit, 57,673 square-foot residential (R-2) building submitted by Joel Kohn and filed by Joel Kohn with plans filed February 14, 2022 and permitted May 26, 2022.

The majority, or 48 percent of the 108,514 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

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