Carlyle, Z+G Property pay $6M to SMA Equities for 8-unit walkup in Boerum Hill

Carlyle Group and Z+G Property Group through the entity Brooklyn Townhouse Property Owner III, L.L.C. paid $6 million to SMA Equities through the entity La Warren, LLC for the eight-unit residential walkup building (C1) at 333 Warren Street in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on August 7, 2025 and was recorded on August 14, 2025. The property has 5,900 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,022 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 July 29, 2019, for $528,961. The signatory for SMA Equities was Edward J. Bullard Jr. . The signatory for Carlyle Group and Z+G Property Group was Jennifer Lico . The contract date was August 7, 2025. The seller is a partnership with members including Sammy Mahfar, Robert Rahmanian and others.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 82 properties in 79 transactions for a total of $1.1 billion and sold 32 properties in three transactions for a total of $114 million over the past 24 months.
The seller SMA Equities purchased five properties in two transactions for a total of $28.4 million and sold two properties in two transactions for a total of $19.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Rahmanian, head officer and Andrew Rafii, agent. The business entities are Horizon Real Estate Partners Corp and Sm Warren Llc.

The property

The residential walkup building with 8 residential units in Boerum Hill has 5,900 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 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 received $440 in OATH penalties 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

On this tax block, PincusCo has identified the owners of 10 of the 19 commercial properties representing 70,594 square feet of the 101,341 square feet. The largest owner is Mindy Guzzone, followed by Ralph Della Cava Jr. and then Black Horse Capital.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 101,341 square feet of built space are walkup buildings, with mixed-use buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Sma Equities owned at least 19 commercial properties with 561 residential units in New York City with 585,696 square feet and a city-determined market value of $128.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 43 percent of the 585,696 square feet of built space are elevator properties, with D7 properties next occupying 19 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Queens next at 14 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 336 commercial properties with 3,848 residential units in New York City with 4,170,095 square feet and a city-determined market value of $976.2 million. (Market value is typically about 50% of actual value.) The portfolio has $895.7 million in debt, with top three lenders as PGIM Real Estate, Invesco, and Prudential Financial respectively. Within the portfolio, the bulk, or 38 percent of the 4,170,095 square feet of built space are elevator properties, with industrial properties next occupying 28 percent of the space. The bulk, or 49 percent of the built space, is in Brooklyn, with Queens next at 31 percent of the space.
The PincusCo database currently indicates that Z+G Property Group owned at least six commercial properties with 56 residential units in New York City with 72,750 square feet and a city-determined market value of $15 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 72,750 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. They are all located in Brooklyn.

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