Carlyle Group recaps Greenbrook walkup in Clinton Hill in $5.5M deal

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $5.5 million to Greenbrook Partners through the entity 125 St James Pl, LLC to buy a stake in the eight-unit residential walkup building (C1) at 125 St James Place in Clinton Hill, Brooklyn. The expected use is cash flowing. Greenbrook Partners remains an equity partner and the operator.
The deal closed on February 28, 2025 and was recorded on March 10, 2025. The property has 3,600 square feet of built space and 400 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,527 and the price per buildable square foot is $1,375 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 13, 2023, for $2.6 million. The signatory for Greenbrook Partners was Gregory Fournier . The signatory for Carlyle Group and Greenbrook Partners was Jennifer Liu . The contract date was November 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 105 properties in 101 transactions for a total of $1.4 billion and sold 32 properties in three transactions for a total of $114 million over the past 24 months.
The seller Greenbrook Partners purchased 98 properties in 95 transactions for a total of $387.9 million and sold 23 properties in 23 transactions for a total of $139.2 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Sameena Farooq, head officer. The business entity is 125 St. James Place Llc. The 3,600-square-foot property generated revenue of $92,736 or $26 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Clinton Hill has 3,600 square feet of built space and 400 square feet of additional air rights for a total buildable of 4,000 square feet 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 property is in the Clinton Hill Historic District. The city-designated market value for the property in 2022 is $1.3 million. The property has 3 rent regulated units according to city tax records from 2020.

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 DOB violation, six housing violations, and $1,450 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 one of the eight commercial properties representing 2,700 square feet of the 23,020 square feet. The identified owner is Greenbrook Partners.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 23,020 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Greenbrook Partners owned at least 336 commercial properties with 1,664 residential units in New York City with 1,514,971 square feet and a city-determined market value of $501.5 million. (Market value is typically about 50% of actual value.) The portfolio has $348.8 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 49 percent of the 1,514,971 square feet of built space are walkup properties, with C0 properties next occupying 13 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Queens next at 4 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 336 commercial properties with 1,664 residential units in New York City with 1,514,971 square feet and a city-determined market value of $501.5 million. (Market value is typically about 50% of actual value.) The portfolio has $348.8 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 49 percent of the 1,514,971 square feet of built space are walkup properties, with C0 properties next occupying 13 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Queens next at 4 percent of the space.
The PincusCo database currently indicates that Carlyle Group owned at least 319 commercial properties with 3,753 residential units in New York City with 3,935,510 square feet and a city-determined market value of $921.3 million. (Market value is typically about 50% of actual value.) The portfolio has $700.5 million in debt, with top three lenders as Invesco, Prudential Financial, and Santander Bank respectively. Within the portfolio, the bulk, or 39 percent of the 3,935,510 square feet of built space are elevator properties, with industrial properties next occupying 27 percent of the space. The bulk, or 46 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

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