Carlyle Group pays $7.6M for 3-family in Park Slope

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $7.6 million to Arie Friedheim through the entity 83 St Marks LLC for the three-family building (C0) at 83 Saint Marks Place in Park Slope, Brooklyn.
The deal closed on January 19, 2023 and was recorded on January 25, 2023. The property has 2,700 square feet of built space and 1,300 square feet of additional air rights for a total buildable of 4,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,814 and the price per buildable square foot is $1,900 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 June 29, 2020, for $2.2 million. The signatory for Arie Friedheim was Jonathan C. Skolnick. 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 135 properties in 117 transactions for a total of $735.9 million and sold one properties in one transactions for a total of $4 million over the past 24 months.
The seller Arie Friedheim 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 Arie Friedheim, head officer and Aran Scott, shareholder. The business entities are 4444 Productions Corp and 83 St Marks Llc.

The property

The 83 Saint Marks Place 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 $2.6 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 three housing violations 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 four of the 22 commercial properties representing 16,023 square feet of the 83,491 square feet. The largest owner is Shaindy Schwartz, followed by Roberto Alfonso and then Joel Schwartz.
On the tax block, there was one new building construction project filed totaling 20,943 square feet. It is a 30-unit, 20,943-square-foot R-2 building developed by Yisroel Greenfeld with plans filed June 11, 2020 and it has not been permitted yet.

The majority, or 87 percent of the 83,491 square feet of built space are mixed-use buildings, with walkup buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 168 commercial properties in New York City with 2,041,708 square feet and a city-determined market value of $499.6 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 2,041,708 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 43 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.

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