Carlyle, Z+G Property pay $105M to Joyland, Meral, Loketch for new 132-unit mixed-use in Gowanus

Carlyle Group and Z+G Property Group through the entity 130 Second Street Owner, L.L.C. paid $105 million to Joyland Management, Meral Property Group, and Loketch Group through the entity Third At Third LLC for the property at 125 3rd Street in Gowanus, Brooklyn, property at 125 3rd Street in Gowanus, Brooklyn, and property at 125 3rd Street in Gowanus, Brooklyn. The expected use is cash flowing.

The Promote first reported that Carlyle Group and Z+G Property Group were the buyers of Joyland’s project.

Development plans, B00621533, for the 132-unit, 98,180-square-foot residential (R-2) building, originally submitted by Orange Management and filed by Andrew Bradfield on November 15, 2021 and permitted March 4, 2024, were taken over by Joyland, Meral and Loketch after they paid $30.5 million for the site in 2023.
The deal closed on December 30, 2025 and was recorded on January 13, 2026. The four properties have 98,180 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,069 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 Joyland Management (also known as Joyland Group), Meral Property Group , and Loketch Group was Joel Wertzberger . The signatory for Carlyle Group and Z+G Property Group was Wonjoong Kim . The contract date was December 30, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 78 properties in 75 transactions for a total of $941.8 million and sold 32 properties in three transactions for a total of $150 million over the past 24 months.
The seller Joyland Management had not purchased any other properties and had not sold any properties over the same time period. Crain’s New York Business reported on January 05, 2026 that Carlyle Group and Z+G Property Group paid $105 million to Joyland Management, Meral Property Group, and The Loketch Group for 130 Second Street. The sell-side brokers were Ethan Stanton, Jeffrey Julien, Rob Hinckley, Steven Rutman, Brendan Maddigan, and Mike Mazzara of JLL.

The block

On the tax block of 125 3rd Street, PincusCo has identified the owners of three of the seven commercial properties representing 52,050 square feet of the 71,135 square feet. The two identified owners are Monadnock Development and Joyland Managment.
On the tax block, there were two new building construction projects totaling 339,122 square feet. The largest is a 301-unit, 265,987 square-foot residential (R-2) building submitted by Monadnock Development and filed by Frank Dubinsky with plans filed December 8, 2021 and permitted April 13, 2022. The second largest

The majority, or 52 percent of the 71,135 square feet of built space are office buildings, with industrial buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Loketch Group owned at least 17 commercial properties with 219 residential units in New York City with 300,803 square feet and a city-determined market value of $48.7 million. (Market value is typically about 50% of actual value.) The portfolio has $157.1 million in debt, with top three lenders as Societe Generale, Maxim Capital Group, and BridgeCity Capital respectively. Within the portfolio, the bulk, or 68 percent of the 300,803 square feet of built space are elevator properties, with office properties next occupying 17 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Meral Property Group owned at least four commercial properties in New York City with 3,245 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from Derby Copeland Capital. Within the portfolio, the bulk, or 100 percent of the 3,245 square feet of built space are retail properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Joyland Management owned at least one commercial property with one residential unit in New York City with 37,372 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) The portfolio has $13.8 million in debt, borrowed from Dime Community Bank. The portfolio consists of at least a single office property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 397 commercial properties with 3,997 residential units in New York City with 4,248,524 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 4,248,524 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 Z+G Property Group owned at least eight commercial properties with 110 residential units in New York City with 136,370 square feet and a city-determined market value of $24.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 136,370 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. They are all located in Brooklyn.

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