Carlyle Group pays $6.1M to Chaim Wurzberger for 8-unit walkup in Park Slope

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $6.1 million to Chaim Wurzberger through the entity Zeuss Of Ny I, LLC for the eight-unit residential walkup building (C1) at 806 President Street in Park Slope, Brooklyn.
The deal closed on November 1, 2022 and was recorded on November 7, 2022. The property has 3,400 square feet of built space and 356 square feet of additional air rights for a total buildable of 3,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,794 and the price per buildable square foot is $1,626 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 February 19, 2013, for $1.6 million. The signatory for Chaim Wurzberger was Chaim Wurzberger. 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 61 properties in 44 transactions for a total of $417.2 million and sold two properties in two transactions for a total of $13.5 million over the past 24 months.
The seller Chaim Wurzberger had not purchased any other properties and sold one property in one transaction for a total of $3.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Chaim Wurzberger, head officer and Shea Breuer, agent. The business entities are Zeuss Of Ny 1 Llc and Zeuss Of Ny 1 Llc. The 3,400-square-foot property generated revenue of $138,278 or $41 per square foot, according to the most recent income and expense figures.

The property

The 806 President Street parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,875 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 $1.6 million.

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 one housing violation 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 three of the 14 commercial properties representing 32,340 square feet of the 107,592 square feet. The two identified owners are Berkeley Carroll School and Stan Levine.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 107,592 square feet of built space are walkup buildings, with specialty buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Chaim Wurzberger owned at least 11 commercial properties in New York City with 98,804 square feet and a city-determined market value of $15.9 million. (Market value is typically about 50% of actual value.) The portfolio has $81 million in debt, with top three lenders as Investors Bank, Webster Bank, and JLL respectively. Within the portfolio, the bulk, or 57 percent of the 98,804 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 191 commercial properties in New York City with 2,259,316 square feet and a city-determined market value of $553.5 million. (Market value is typically about 50% of actual value.) The portfolio has $995.5 million 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 2,259,316 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. The bulk, or 36 percent of the built space, is in Brooklyn, with Manhattan next at 34 percent of the space.

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