Carlyle pays $5.7M to Z+G Property for 2 mixed-used buildings in Windsor Terrace

The Carlyle Group paid $5.7 million to Z+G Property Group for two adjacent mixed-use buildings in Windsor Terrace, Brooklyn, in two transactions. The properties have a total of nine residential units between them, in two transactions.

In the first, Carlyle Group through the entity Brooklyn Townhouse Property Owner IV, L.L.C. paid $2.9 million to Z+G Property Group through the entity ZG Windsor LLC for the four-unit mixed-use building (S9) at 559 17th Street in Windsor Terrace, Brooklyn. The expected use is cash flowing.
The deal closed on December 4, 2025 and was recorded on December 9, 2025. The property has 3,553 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $802 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 January 31, 2019, for $2 million. The signatory for Z+G Property Group was Jason Greenberg . The signatory for Carlyle Group was Jennifer Lico . The contract date was February 5, 2024.

In the second, Carlyle Group through the entity Brooklyn Townhouse Property Owner III, L.L.C. paid $2.9 million to Z+G Property Group through the entity ZG Windsor LLC for the five-unit mixed-use building (S5) at 557 17th Street in Windsor Terrace, Brooklyn. The expected use is cash flowing.
The deal closed on December 4, 2025 and was recorded on December 9, 2025. The property has 4,666 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $610 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 January 31, 2019, for $2 million. The signatory for Z+G Property Group was Jason Greenberg . The signatory for Carlyle Group was Jennifer Lico . The contract date was February 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 78 properties in 75 transactions for a total of $1.1 billion and sold 32 properties in three transactions for a total of $150 million over the past 24 months.
The seller Z+G Property Group purchased one property in one transaction for a total of $6 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jason Greenberg, head officer and David Cohen, agent. The business entities are Judith Drive Llc and Zg Windsor Llc.

The property

The mixed-use building with 4 residential units in Windsor Terrace has 3,553 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 80 feet deep with a total lot size of 1,526 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. 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 $2,000 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 neighborhood

In Windsor Terrace, The bulk, or 43 percent of the 2.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Windsor Terrace has had very little sales volume relative to other neighborhoods with $91.1 million in sales volume in the last two years. For development, Windsor Terrace has had very little major development activity relative to other neighborhoods.It had -46,604 square feet of commercial and multi-family construction under development in the last two years, which represents -1.77 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 22,570 square feet of the 64,295 square feet. The largest owner is Anna Gabriella Purpura, followed by Alexander Mitsuda and then Vito Gargano.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 64,295 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 Z+G Property Group owned at least six commercial properties with 56 residential units in New York City with 72,750 square feet and a city-determined market value of $15 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 72,750 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 346 commercial properties with 3,788 residential units in New York City with 4,072,103 square feet and a city-determined market value of $963.1 million. (Market value is typically about 50% of actual value.) The portfolio has $872.9 million in debt, with top three lenders as Invesco, PGIM Real Estate, and Prudential Financial respectively. Within the portfolio, the bulk, or 36 percent of the 4,072,103 square feet of built space are elevator properties, with industrial properties next occupying 29 percent of the space. The bulk, or 48 percent of the built space, is in Brooklyn, with Queens next at 31 percent of the space.

Direct link to Acris document. link
Direct link to Acris document. link