Carlyle Group recaps Greenbrook Partners walkup in Brooklyn Heights valued at $14.1M

Carlyle Group through the entity Townhouse Rental V, L.L.C recapitalized a Greenbrook Partners property formerly owned through the entity 269 Henry St, LLC, at a value of $14.1 million. The building is an 18-unit residential walkup building (C1) at 269 Henry Street in Brooklyn Heights, Brooklyn.
The deal closed on February 8, 2024 and was recorded on February 20, 2024. The property has 9,000 square feet of built space and 2,219 square feet of additional air rights for a total buildable of 11,236 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,567 and the price per buildable square foot is $1,255 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.)
Greenbrook Partners bought the property on December 30, 2020, for $6.9 million. The signatory for Greenbrook Partners was Gregory Fournier. The signatory for Carlyle Group and Greenbrook Partners was Carter Martin. The contract date was February 8, 2024. This is a recapitalization with Carlyle Group buying a stake in the property and Greenbrook retaining an interest.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 171 properties in 153 transactions for a total of $916.9 million and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Greenbrook Partners purchased 30 properties in 27 transactions for a total of $102 million and sold 27 properties in 27 transactions for a total of $150.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Prashanth Rayapudi, head officer and Dinara Igimbayeva, site manager. The business entity is 269 Henry St Llc. The 9,000-square-foot property generated revenue of $353,070 or $39 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 18 residential units in Brooklyn Heights has 9,000 square feet of built space and 2,219 square feet of additional air rights for a total buildable of 11,236 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 92 feet deep with a total lot size of 4,624 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $2 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 $325 in OATH penalties 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 14 of the 14 commercial properties representing 94,381 square feet of the 94,381 square feet. The largest owner is Todd Rose, followed by Nishat Doshi and then Nicholas Assenza.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 94,381 square feet of built space are walkup buildings, with elevator buildings next occupying 10 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 282 commercial properties with 2,710 residential units in New York City with 3,222,893 square feet and a city-determined market value of $811.8 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 47 percent of the 3,222,893 square feet of built space are elevator properties, with industrial properties next occupying 15 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.

The PincusCo database currently indicates that Greenbrook Partners owned at least 102 commercial properties with 737 residential units in New York City with 685,972 square feet and a city-determined market value of $202.1 million. (Market value is typically about 50% of actual value.) The portfolio has $277.3 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and MP Real Estate Capital respectively. Within the portfolio, the bulk, or 64 percent of the 685,972 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. They are all located in Brooklyn.

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