Carlyle Group pays $6.4M for two Brooklyn rental properties with a total of nine units

Carlyle Group pays $6.36 million for two Brooklyn rental properties that have a total of nine residential units.

In the more expensive, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3.7 million to Eric Nachimovsky through the entity 135 Moffat LLC for six-unit rental building (B1) at 135 Moffat Street in Bushwick, Brooklyn.
The deal closed on January 12, 2023 and was recorded on January 19, 2023. In 2017, DOB plans were filed to increase the building from two units to six units.
The seller bought the property on May 10, 2017, for $950,000. The signatory for Eric Nachimovsky was Matthew Malatof. The signatory for Carlyle Group was Carter Martin.

In the second, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.7 million to Avishai Adiv through the entity 271 Bleecker Street LLC for three-unit building (C0) at 87 Beadel Street in East Williamsburg, Brooklyn. The deal closed on January 13, 2023 and was recorded on January 19, 2023. The property has 2,200 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,227 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 April 11, 2022, for $1.4 million. The signatory for Avishai Adiv was Avishai Adiv. 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 132 properties in 114 transactions for a total of $720.4 million and sold one properties in one transactions for a total of $4 million over the past 24 months.
The seller Eric Nachimovsky had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Eric Nachimovsky, head officer. The business entity is 135 Moffat Llc.

The property

The 135 Moffat Street parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 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 DOB violation and $1,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial rehabilitation certificate of occupancy on November 9, 2022. 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 one of the 10 commercial properties representing 6,150 square feet of the 34,750 square feet. The identified owner is Cindy Chow.
On the tax block, there were two new building construction projects totaling 8,121 square feet. The largest is a eight-unit, 5,400-square-foot R-2 building developed by Tal Bloch with plans filed November 17, 2021 and it has not been permitted yet.The second largest is a two-unit, 2,721-square-foot R-3 building developed by Rona Reodica with plans filed July 8, 2020 and it has not been permitted yet.

The majority, or 62 percent of the 34,750 square feet of built space are walkup buildings, with mixed-use buildings next occupying 38 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 165 commercial properties in New York City with 2,028,584 square feet and a city-determined market value of $496.5 million. (Market value is typically about 50% of actual value.) The portfolio has $1 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 63 percent of the 2,028,584 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 42 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.

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