Greenbrook, Carlyle pay $2.2M for 2-family in Greenwood Heights

Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.2 million to Meshulam Hass through the entity 257 Sunset Inc for the two-unit building (B9) at 257 19th Street in Greenwood Heights, Brooklyn.
The deal closed on March 8, 2024 and was recorded on March 13, 2024. The property has 1,440 square feet of built space and 1,685 square feet of additional air rights for a total buildable of 3,122 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,527 and the price per buildable square foot is $704 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 October 31, 2019, for $900,000. The signatory for Meshulam Hass was Meshulam Hass. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was February 13, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 16 properties in 13 transactions for a total of $48.9 million and sold 28 properties in 28 transactions for a total of $164.2 million over the past 24 months.
The seller Meshulam Hass had not purchased any other properties and sold one property in one transaction for a total of $2 million over the same time period.

The property

The 1-4 family building with 2 residential units in Greenwood Heights has 1,440 square feet of built space and 1,685 square feet of additional air rights for a total buildable of 3,122 square feet according to a PincusCo analysis of city data. The parcel has frontage of 15 feet and is 100 feet deep with a total lot size of 1,561 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 $1.4 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 $350 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 six of the 16 commercial properties representing 42,606 square feet of the 67,565 square feet. The largest owner is Xiang Chao Shao, followed by Nicholas Kotsonis and then Lee Chong Suk.
On the tax block, there were four new building construction projects totaling 44,933 square feet. The largest is a 21-unit, 15,049 square-foot residential (R-2) building submitted by Xiang Chao Shao with plans filed April 1, 2019 and permitted June 15, 2022. The second largest is a 13-unit, 15,005 square-foot residential (R-2) building submitted by Ofer Prager with plans filed January 25, 2016 and it has not been permitted yet.

The majority, or 53 percent of the 67,565 square feet of built space are elevator buildings, with mixed-use buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Meshulam Hass owned at least one commercial property with seven residential units in New York City with 5,003 square feet and a city-determined market value of $792,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 288 commercial properties with 2,751 residential units in New York City with 3,251,408 square feet and a city-determined market value of $820.1 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 47 percent of the 3,251,408 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.
The PincusCo database currently indicates that Greenbrook Partners owned at least 107 commercial properties with 760 residential units in New York City with 705,487 square feet and a city-determined market value of $208.4 million. (Market value is typically about 50% of actual value.) The portfolio has $277.3 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and MP Real Estate Capital respectively. Within the portfolio, the bulk, or 64 percent of the 705,487 square feet of built space are walkup properties, with mixed-use properties next occupying 9 percent of the space. They are all located in Brooklyn.

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