Carlyle Group pays $6M to Alchemy Ventures for 5-unit walkup in Carroll Gardens

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $6 million to Alchemy Ventures through the entity Keystone 260 President Street LLC for the five-unit residential walkup building (C2) at 260 President Street in Carroll Gardens, Brooklyn.
The deal closed on October 19, 2023 and was recorded on October 24, 2023. The property has 4,360 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,387 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 29, 2021, for $3.7 million. The signatory for Alchemy Ventures was Samuel Kooris. The signatory for Carlyle Group was Carter Martin. The contract date was September 19, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 192 properties in 174 transactions for a total of $1.1 billion and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Alchemy Ventures purchased 23 properties in 20 transactions for a total of $146 million and sold three properties in three transactions for a total of $9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Alexander Horn, individual owner.

The property

The residential walkup building with 5 residential units in Carroll Gardens has 4,360 square feet of built space 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 $1.5 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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 30,042 square feet of the 88,687 square feet. The largest owner is Westbridge Realty Group, followed by DSA Property Group and then Davean Holdings.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 88,687 square feet of built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Alchemy Ventures owned at least 49 commercial properties with 438 residential units in New York City with 392,966 square feet and a city-determined market value of $127.5 million. (Market value is typically about 50% of actual value.) The portfolio has $90.4 million in debt, with top three lenders as Fortress Investment Group, Signature Bank, and Citibank respectively. Within the portfolio, the bulk, or 84 percent of the 392,966 square feet of built space are walkup properties, with mixed-use properties next occupying 16 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Manhattan next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 263 commercial properties with 2,503 residential units in New York City with 2,896,425 square feet and a city-determined market value of $763.3 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 53 percent of the 2,896,425 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 43 percent of the built space, is in Brooklyn, with Queens next at 29 percent of the space.

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