Carlyle, Z+G Property sign $20.6M refi for two properties in Brooklyn

Carlyle Group and Z+G Property Group through the entity 104 Luquer Street Owner, L.L.C. as borrower signed a refi loan with lender Bridge Investment Group through the entity Bds V Reit LLC valued at $20.6 million for three properties with 45 residential units including the 22-unit residential elevator building (D1) at 104-108 Luquer Street in Carroll Gardens, Brooklyn, and a 23-unit residential elevator building (D5) at 25 Lexington Avenue in Clinton Hill, Brooklyn.
The deal closed on January 31, 2025 and was recorded on February 11, 2025. The prior lender was East West Bank which held debt that had an original loan amount of $17.6 million.
The two properties have 48,150 square feet of built space and 1,680 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $427 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 Z+G Property Group was Jason Greenberg. The signatory for Bridge Investment Group was Jeehae Lee .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 25 Lexington Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jason Greenberg, head officer and David Cohen, agent. The business entities are Judith Drive Llc and 25 Lexington Avenue Owner Llc. Out of the three properties, two with a total of 48,150 square feet of built space generated revenue of $2 million per year.

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 five housing violations and $50 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 25 Lexington Avenue, PincusCo has identified the owners of 12 of the 18 commercial properties representing 143,009 square feet of the 156,180 square feet. The largest owner is Carlyle Group, followed by Rebecca Lemmer and then Mordechai Hirsch.
On the tax block, there were two new building construction projects totaling 5,310 square feet. The largest is a one-unit, 2,684 square-foot residential (R-3) building submitted by Eran Malka with plans filed March 10, 2022 and permitted August 29, 2022. The second largest is a two-unit, 2,626 square-foot residential (R-3) building submitted by Ines Lamuniere with plans filed December 22, 2016 and permitted January 3, 2018.

The majority, or 56 percent of the 156,180 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Carlyle Group owned at least 319 commercial properties with 3,753 residential units in New York City with 3,935,510 square feet and a city-determined market value of $921.3 million. (Market value is typically about 50% of actual value.) The portfolio has $700.5 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 3,935,510 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 32 percent of the space.
The PincusCo database currently indicates that Z+G Property Group owned at least three commercial properties with 11 residential units in New York City with 24,600 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 24,600 square feet of built space are walkup properties, with mixed-use properties next occupying 42 percent of the space. They are all located in Brooklyn.

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