Carlyle, PMG sign $296M refi with Brookfield for two rentals with 517 units in Gowanus

Carlyle Group and Property Markets Group through the entity Bayside Gowanus Owner, L.L.C. as borrower signed a refi loan with lender Brookfield Properties through the entity D Vii Sb Spe LLC valued at $296 million for two residential elevator properties with 517 residential units including the 344-unit residential elevator building (D7) at 267 Bond Street in Gowanus, Brooklyn and 173-unit residential elevator building (D7) at 510 Sackett Street in Gowanus, Brooklyn.
The deal closed on February 11, 2026 and was recorded on February 20, 2026. The prior lender was Apollo Global Management which held debt that had an original loan amount of $201.9 million.The two properties have 595,153 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $497 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 signatory for Carlyle Group and Property Markets Group was Lowell Plotkin . The signatory for Brookfield Properties was Laura Stepp .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Ryan Shear, head officer and Calynne Oyolokor, officer. The business entities are FirstService Residential and Bayside Gowanus Owner Llc. The two properties with a total of 595,153 square feet of built space generated revenue of $23.7 million per year or $40 per square foot.

The property

The zoning is M1-4/R7-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3.44 times FAR for residential.  Brookfield Properties on February 11, 2026 bought a loan with an original principal of $201.9 million from Apollo Global Management signed by Jeffrey Horowitz , secured by 267 Bond Street and 510 Sackett Street, when owned by Carlyle Group and Property Markets Group.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $7,375 in OATH penalties in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 484,817 square feet. The largest, B00612352, is a new building project for a 344-unit, 295,262 square-foot R-2 building submitted by Property Markets Group and filed by Daniel Kaplan with plans filed November 4, 2021 and permitted October 5, 2023. The second largest, B00616358, is a new building project for a 173-unit, 189,555 square-foot R-2 building submitted by Property Markets Group and filed by Daniel Kaplan with plans filed November 4, 2021 and permitted May 13, 2022.

The block

On the tax block of 267 Bond Street, PincusCo has identified the owner of the one commercial property that spans that spans 11,100 square feet on the block.The identified owner is Property Markets Group.
On the tax block, there was one new building construction project filed totaling 295,262 square feet. It is a 344-unit, 295,262 square-foot residential (R-2) building submitted by Property Markets Group and filed by Daniel Kaplan with plans filed November 4, 2021 and permitted May 20, 2022.

All properties are industrial.

The borrower

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 $952.7 million in debt, with top three lenders as PGIM Real Estate, Invesco, 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 Property Markets Group owned at least nine commercial properties with 521 residential units in New York City with 42,229 square feet and a city-determined market value of $16.6 million. (Market value is typically about 50% of actual value.) The portfolio has $544.5 million in debt, with top three lenders as AIG, Maxim Capital Group, and Goldman Sachs respectively. Within the portfolio, the bulk, or 48 percent of the 42,229 square feet of built space are industrial properties, with A4 properties next occupying 33 percent of the space. The bulk, or 67 percent of the built space, is in Brooklyn, with Manhattan next at 33 percent of the space.

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