Carlyle Group pays $6.1M for two walkups in Brooklyn, Queens

The Carlyle Group paid at total of $6.1 million to two separate sellers for a two-unit in Carroll Gardens, Brooklyn and a two-unit in Ridgewood, Queens.

In the larger transaction, the Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3.6 million to Catherine Zawierka and Paul Zawierka for the two-family building (B1) at 188 Nelson Street in Carroll Gardens, Brooklyn.
The deal closed on May 18, 2023 and was recorded on May 23, 2023. The property has 1,920 square feet of built space and 2,080 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,892 and the price per buildable square foot is $908 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 May 20, 2011, for $950,000. The signatory for Catherine Zawierka and Paul Zawierka was Catherine Zawierka and Paul Zawierka. The signatory for Carlyle Group was Carter Martin.

In the second transaction, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.5 million to Greenbrook Partners through the entity 516 Fairview Ave, LLC for the two-unit mixed-use building (S2) at 516 Fairview Avenue in Ridgewood, Queens. The deal closed on May 17, 2023 and was recorded on May 23, 2023. The property has 3,000 square feet of built space and 1,655 square feet of additional air rights for a total buildable of 4,664 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $827 and the price per buildable square foot is $532 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 26, 2021, for $1.6 million. The signatory for Greenbrook Partners was Gregory Fournier. The signatory for Carlyle Group was Carter Martin.
Carlyle Group has partnered with Greenbrook in ownership of properties in Brooklyn.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 157 properties in 139 transactions for a total of $860.3 million and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Catherine Zawierka had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Paul Zawierka, joint owner and Catherine Zawierka, joint owner.

The property

The 1-4 family building with 2 residential units in Carroll Gardens has 1,920 square feet of built space and 2,080 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 $2.3 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 9, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

All properties are mixed-use.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 211 commercial properties with 2,284 residential units in New York City with 2,710,124 square feet and a city-determined market value of $689.2 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 2,710,124 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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