Carlyle Group pays $7.1M for two walkups in Brooklyn

The Carlyle Group paid a total of $7.1 million for two walkup building to two separate sellers in Bushwick and in Bedford Stuyvesant, Brooklyn.

In the first, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3.7 million to Eric P. Nachimovsky through the entity Adda Properties Group, LLC for the six-unit building at 128 Moffat Street in Bushwick, Brooklyn.
The deal closed on September 15, 2023 and was recorded on September 21, 2023. The property has 5,559 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $665 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 March 16, 2016, for $980,000, and converted it from a two-family to a six-family. The signatory for Eric P. Nachimovsky was Matthew Matatof. The signatory for Carlyle Group was Carter Martin. The contract date was August 22, 2023.

In the second, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3.4 million to Mark Fernandez through the entity Chs Investors, LLC for the eight-unit residential walkup building (C1) at 1481 Sterling Place in Crown Heights, Brooklyn. The deal closed on September 6, 2023 and was recorded on September 21, 2023. The property has 4,955 square feet of built space and 1,251 square feet of additional air rights for a total buildable of 6,208 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $691 and the price per buildable square foot is $551 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 October 23, 2018, for $930,000. The signatory for Mark Fernandez was Rachel Rubin. The signatory for Carlyle Group was Carter Martin. The contract date was June 5, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 183 properties in 165 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 Eric P. 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 Adda Properties Group Llc.

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

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 two of the five commercial properties representing 105,095 square feet of the 140,095 square feet. The two identified owners are St. Thomas Episcopal Church and Itack Werzberger.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 140,095 square feet of built space are specialty buildings, with industrial buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 245 commercial properties with 2,404 residential units in New York City with 2,778,073 square feet and a city-determined market value of $731.7 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 53 percent of the 2,778,073 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.

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