Carlyle Group pays $50M to Cayre Equities for storage in East Flatbush
25 Remsen Avenue (Credit - Cyclomedia)
Carlyle Group through the entity 25 Remsen Avenue Owner LLC paid $50 million to Cayre Equities through the entity CS Utica & Remsen LLC for the industrial building (E7) at 25 Remsen Avenue in East Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on March 26, 2025 and was recorded on April 8, 2025. The property has 111,391 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $448 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 2, 2015, for $12.9 million. The signatory for Cayre Equities was Kenneth Cayre. The signatory for Carlyle Group was Jason Hart .
Carlyle Group financed the purchase with a $36 million loan from PGIM Real Estate.
Recent Cayre Equities stories:
• Cayre Equities pays $16.1M for loft building in Garment District (December 02, 2024)
• Cayre Equities signs $22.3M refi with Voya for storage in Harlem
• Cayre Equities signs $25.3M refi for storage in East Flatbush (September 26, 2023)
• Cayre Equities signs $24.2M refi for storage in Crown Heights (September 20, 2023)
• Cayre Equities signs $25.5M refi loan with TD Bank for industrial in Harlem (April 26, 2023)
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 107 properties in 103 transactions for a total of $1.5 billion and sold 32 properties in three transactions for a total of $114 million over the past 24 months.
The seller Cayre Equities purchased one property in one transaction for a total of $16.1 million and had not sold any properties over the same time period.
The property
The industrial building in East Flatbush has 111,391 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 377 feet and is 101 feet deep with a total lot size of 36,000 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $14.2 million. The most recent loan totaled $25.3 million and was provided by Bank Hapoalim on September 12, 2023.
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 $50 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on July 22, 2016. 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 East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.6 times the average sales volume among other neighborhoods with $427.1 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, East Flatbush has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 111,391 square feet on the block.The identified owner is Carlyle Group.
There are no active new building construction projects on this tax block.
All properties are industrial.
The seller
The PincusCo database currently indicates that Cayre Equities owned at least 11 commercial properties in New York City with 637,682 square feet and a city-determined market value of $88.1 million. (Market value is typically about 50% of actual value.) The portfolio has $194.9 million in debt, with top three lenders as Bank Hapoalim, Santander Bank, and TD Bank respectively. Within the portfolio, the bulk, or 85 percent of the 637,682 square feet of built space are industrial properties, with specialty properties next occupying 8 percent of the space. The bulk, or 56 percent of the built space, is in Manhattan, with Brooklyn next at 24 percent of the space.
The buyer
The PincusCo database currently indicates that Carlyle Group owned at least 324 commercial properties with 3,774 residential units in New York City with 4,059,761 square feet and a city-determined market value of $941 million. (Market value is typically about 50% of actual value.) The portfolio has $736.5 million in debt, with top three lenders as Invesco, Prudential Financial, and PGIM Real Estate respectively. Within the portfolio, the bulk, or 38 percent of the 4,059,761 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.
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