Carlyle, Stonehenge pay $128M to CIM for Lenox Hill rental, down from $200M

Carlyle Group and Ofer Yardeni’s Stonehenge NYC through the entity 165 East 66th St Owner, L.L.C. paid $128 million to CIM Group through the entity 165 East 66th Street (Ny) Residential Owner, LLC for the 151-unit rental condominium unit and its garage at the Henley at 165 East 66th Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on November 1, 2024 and was recorded on November 12, 2024. The two properties have 255,597 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $500 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 CIM Group was David Thompson. The signatory for Carlyle Group and Stonehenge NYC was Wonjoong Kim. The contract date was June 21, 2024. CIM Group bought this in 2019 for $200 million. The Commercial Observer reported Stonehenge NYC was the buyer of the rental known as The Henley.

Carlyle Group and Stonehenge NYC financed the purchase with a $118.5 million acquisition loan from Acore Capital.

The retail condo unit is owned by Crescent Heights, which refinanced the unit with an $18 million loan from Citibank in September 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 124 properties in 120 transactions for a total of $1.4 billion and sold three properties in two transactions for a total of $53.2 million over the past 24 months.
The seller CIM Group purchased one property in one transaction for a total of $48.6 million and sold two properties in one transaction for a total of $17.6 million over the same time period.

The property

The rental and garage condos with 151 residential units in Lenox Hill has 255,597 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 233,578 square feet. The city-designated market value for the property in 2022 is $72.8 million.

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 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 block

There are no active new building construction projects on this tax block.

All properties are specialty.

The seller

The PincusCo database currently indicates that CIM Group owned at least seven commercial properties with 732 residential units in New York City with 2,631,832 square feet and a city-determined market value of $507 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 2,631,832 square feet of built space are office properties, with D6 properties next occupying 43 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 314 commercial properties with 3,740 residential units in New York City with 3,887,687 square feet and a city-determined market value of $908.9 million. (Market value is typically about 50% of actual value.) The portfolio has $600 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 3,887,687 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 33 percent of the space.
The PincusCo database currently indicates that Stonehenge NYC owned at least 26 commercial properties with 3,153 residential units in New York City with 3,219,335 square feet and a city-determined market value of $793.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 98 percent of the 3,219,335 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

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