Carlyle Group swaps $964.6M in NYC self-storage entities, paying about $33M in transfer taxes

The Carlyle Group sold 14 New York City self-storage properties valued at $964.6 million to other entities Carlyle Group controls, paying approximately $33 million in transfer taxes to the city and state. It was unclear what the purpose of the transfer was. Two other firms, which the private equity giant owed alone or in a joint venture,
Carlyle Group purchased these properties alone or with partners Sabharwal Properties, Blumenfeld Development Group and Z+G Property Group, over the past six years. All the seller entities were in care of Carlyle Group’s Washington, D.C., office and had the signatory Wonjoong Kim, a Carlyle managing director; and all the buyer entities were in care of the firm’s Manhattan address, and had Jason Hart, another Carlyle managing director, as signatory.

Carlyle Group, Sabharwal Properties, Blumenfeld Development Group and Z+G Property Group did not immediately respond to a request for comment. PincusCo does not consider these arm’s-length transactions, since they are between two Carlyle Group entities, and the firm did not respond to a request for comment.

In the largest transaction, Carlyle Group through the entity 92 Caton Property Owner, L.L.C. paid $145.5 million through a related party sale to Carlyle Group and Sabharwal Properties through the entity 72 Caton Place Owner, L.L.C. for the industrial building (E7) at 72 Caton Place in Windsor Terrace, Brooklyn. The expected use is cash flowing.
The deal closed on January 22, 2026 and was recorded on January 26, 2026. The property has 168,034 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $866 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 May 24, 2018, for $23 million. The signatory for Carlyle Group and Sabharwal Properties was Wonjoong Kim . The buyer signatory was Jason Hart . The contract date was January 22, 2026.

In the second largest transaction, Carlyle Group through the entity 31-08 Northern Blvd Property Owner, L.L.C. paid $119.7 million through a related party sale to Carlyle Group through the entity 31-08 Northern Blvd Owner, L.L.C. for the retail condo at 31-08 Northern Blvd in Long Island City, Queens. The expected use is cash flowing.
The deal closed on January 22, 2026 and was recorded on January 26, 2026. The property has 209,439 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $571 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 22, 2022, for $80 million.

In the third largest transaction,
Carlyle Group through the entity 34-01 Cp Propco, L.L.C. paid $100.7 million through a related party sale to Carlyle Group and Blumenfeld Development Group through the entity 34-01 Cp Ix Owner, L.L.C. for the industrial building (E7) at 34-01 College Point Blvd in Flushing, Queens. The expected use is cash flowing.
The deal closed on January 22, 2026 and was recorded on January 26, 2026. The property has 158,669 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $634 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 December 1, 2023, for $72 million.

The other properties were 2924 8th Avenue, 87-16 121st Street, 1 Remsen Avenue, 155 King Street and 139 Conover Street, 62-05 30th Avenue, 150 17th Street, 302 Dyckman Street, 262 Mott Street, 1690 East New York Avenue, 507 Osborn Street and 651 Utica Avenue.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 75 properties in 69 transactions for a total of $1 billion and sold 32 properties in three transactions for a total of $150 million over the past 24 months.
The seller Carlyle Group purchased 75 properties in 69 transactions for a total of $1 billion and sold 32 properties in three transactions for a total of $150 million over the same time period. The 168,034-square-foot property generated revenue of $4.4 million or $26 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Windsor Terrace has 168,034 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 232 feet and is 104 feet deep with a total lot size of 20,751 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $27.6 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 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 neighborhood

In Windsor Terrace, The bulk, or 43 percent of the 2.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Windsor Terrace has had very little sales volume relative to other neighborhoods with $112.3 million in sales volume in the last two years. For development, Windsor Terrace has had very little major development activity relative to other neighborhoods.It had 18,298 square feet of commercial and multi-family construction under development in the last two years, which represents 0.70 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 172,356 square feet of the 257,136 square feet. The largest owner is Sabharwal Properties, followed by Canam Capital Partners and then Aview Equities.
On the tax block, there were two new building construction projects totaling 420,735 square feet. The largest is a 375-unit, 308,136 square-foot residential (R-2) building submitted by JEMB Realty and filed by Morris Jerome with plans filed September 16, 2021 and permitted January 4, 2024. The second largest is a 131-unit, 112,599 square-foot residential (R-2) building submitted by Aview Equities and filed by Abraham Leifer with plans filed May 18, 2021 and permitted April 15, 2022.

The majority, or 66 percent of the 257,136 square feet of built space are industrial buildings, with specialty buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Carlyle Group owned at least 396 commercial properties with 3,636 residential units in New York City with 4,238,912 square feet and a city-determined market value of $1 billion. (Market value is typically about 50% of actual value.) The portfolio has $872.9 million in debt, with top three lenders as Invesco, PGIM Real Estate, and Prudential Financial respectively. Within the portfolio, the bulk, or 34 percent of the 4,238,912 square feet of built space are elevator properties, with industrial properties next occupying 28 percent of the space. The bulk, or 50 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.
The PincusCo database currently indicates that Sabharwal Properties owned at least three commercial properties in New York City with 301,292 square feet and a city-determined market value of $44.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Brooklyn.

The buyer

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