Carlyle Group pays $8.5M for three walkups in Bushwick, Williamsburg

Carlyle Group paid $8.5 million for three walkup buildings in Bushwick and Williamsburg, Brooklyn, in three different transactions with three different sellers.

In the first, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3.7 million to Oren Hakim through the entity 315 Bk LLC for six-unit residential walkup building (C2) at 315 Cornelia Street in Bushwick, Brooklyn.
The deal closed on September 12, 2022 and was recorded on September 21, 2022.The property has 4,301 square feet of built space and 560 square feet of additional air rights for a total buildable of 4,860 square feet according to PincusCo analysis of city data. The sale price per built square foot is $858 and the price per buildable square foot is $759 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 24, 2018, for $970,000. The signatory for Oren Hakim was Rosemary Hayden. The signatory for Carlyle Group was Carter Martin.

In the second, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.6 million to Frimy Goldberger through the entity 26 Ditmars, LLC for three-unit 1-4 family building (C0) at 26 Ditmars Street in Bushwick, Brooklyn. The deal closed on September 1, 2022 and was recorded on September 21, 2022.The property has 2,700 square feet of built space and 1,620 square feet of additional air rights for a total buildable of 4,327 square feet according to PincusCo analysis of city data. The sale price per built square foot is $962 and the price per buildable square foot is $600 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 November 1, 2016, for $949,000. The signatory for Frimy Goldberger was Frimy Goldberger. The signatory for Carlyle Group was Carter Martin.

In the third, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.2 million to James Peet and Chloe Carmichael Peet through the entity Carmichael Peet, Chloe for two-unit 1-4 family building (B1) at 48 Devoe Street in Williamsburg, Brooklyn. The deal closed on September 8, 2022 and was recorded on September 21, 2022.The property has 1,620 square feet of built space and 356 square feet of additional air rights for a total buildable of 1,980 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,388 and the price per buildable square foot is $1,136 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 28, 2016, for $1.9 million. The signatory for James Peet and Chloe Carmichael Peet was James Peet and Chloe Carmichael Peet. 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 42 properties in 25 transactions for a total of $347.9 million and sold two properties in two transactions for a total of $13.5 million over the past 24 months.
The seller Oren Hakim had not purchased any other properties and sold five properties in five transactions for a total of $16.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Oren Hakim, head officer. The business entity is 315 Bk Llc.

The property

The 315 Cornelia 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 $777,000.

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 $25 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 28, 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 14 of the 26 commercial properties representing 73,447 square feet of the 126,349 square feet. The largest owner is Moses Pollak, followed by Chaskel Landau and then All Year Management.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 126,349 square feet of built space are walkup buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Oren Hakim owned at least 15 commercial properties in New York City with 72,387 square feet and a city-determined market value of $10.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 147 commercial properties in New York City with 2,114,309 square feet and a city-determined market value of $501.3 million. (Market value is typically about 50% of actual value.) The portfolio has $915.5 million in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 59 percent of the 2,114,309 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 Manhattan, with Brooklyn next at 32 percent of the space.

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