Carlyle, Z+G Property pay $22.4M to Bushburg Properties for 46-unit rental in Bedford Stuyvesant

Carlyle Group and Z+G Property Group through the entity 180 Bainbridge Owner, L.L.C. paid $22.4 million to Bushburg Properties through the entity Bainbridge Realty Holdings LLC for the 46-unit residential elevator building (D5) at 180 Bainbridge Street in Bedford Stuyvesant, Brooklyn.
The deal closed on October 10, 2023 and was recorded on October 17, 2023. The property has 57,720 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $388 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 27, 2011, for $2.4 million. The signatory for Bushburg Properties was Abraham J. Hoffman. The signatory for Carlyle Group was Jason Hart. The contract date was August 8, 2023.
The Commercial Observer reported on the sale, identifying TerraCRG’s Ofer Cohen and Matthew Consentino as the brokers on the deal and noting Z+G Property Group was a partner with Carlyle.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 191 properties in 173 transactions for a total of $1.1 billion and sold one property in one transaction for a total of $4 million over the past 24 months.
The seller Bushburg Properties purchased one properties in one transactions for a total of $16.5 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Abraham Hoffman, head officer and Laura Vivoni, agent. The business entity is Bainbridge Realty Holdings.

The property

The residential elevator building with 46 residential units in Bedford Stuyvesant has 57,720 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 91 feet and is 200 feet deep with a total lot size of 16,699 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 Bedford Stuyvesant / Expanded Stuyvesant Heights Historic District. The city-designated market value for the property in 2022 is $7.1 million. The most recent loan totaled 0.0 and was provided by PIMCO on September 28, 2021.

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

For the tax lot building, it received its initial renovation certificate of occupancy on March 10, 2014. 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 six of the 12 commercial properties representing 81,660 square feet of the 99,132 square feet. The largest owner is Tower Real Estate Investments, followed by Samuel Kairy and then Neighborhood Restore HDFC.
On the tax block, there was one new building construction project filed totaling 3,000 square feet. It is a three-unit, 3,000 square-foot residential (R-2) building submitted by Rona Reodica with plans filed March 5, 2019 and permitted December 7, 2021.

The majority, or 72 percent of the 99,132 square feet of built space are elevator buildings, with mixed-use buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Bushburg Properties owned at least six commercial properties with 483 residential units in New York City with 592,298 square feet and a city-determined market value of $66.1 million. (Market value is typically about 50% of actual value.) The portfolio has $213.2 million in debt, with top three lenders as Valley National Bank, Webster Bank, and Cross River Bank respectively. Within the portfolio, the bulk, or 73 percent of the 592,298 square feet of built space are elevator properties, with walkup properties next occupying 21 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Queens next at 9 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 254 commercial properties with 2,433 residential units in New York City with 2,806,930 square feet and a city-determined market value of $745.1 million. (Market value is typically about 50% of actual value.) The portfolio has $1.1 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 52 percent of the 2,806,930 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.

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