Greenbrook, Carlyle pay $2.3M for 3-family in Crown Heights

Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.3 million to Omid Mashieh through the entity Mtek Brooklyn LLC for the three-unit building (C0) at 113 Albany Avenue in Crown Heights, Brooklyn.
The deal closed on January 9, 2024 and was recorded on January 12, 2024. The property has 3,104 square feet of built space and 667 square feet of additional air rights for a total buildable of 3,773 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $736 and the price per buildable square foot is $605 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 14, 2022, for $1.3 million. The signatory for Omid Mashieh was Joseph J. Cohen. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was October 12, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 18 properties in 15 transactions for a total of $55.9 million and sold 21 properties in 21 transactions for a total of $119.2 million over the past 24 months.
The seller Omid Mashieh had not purchased any other properties and sold five properties in five transactions for a total of $14.2 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Omid Mashieh, head officer. The business entity is Mtek Brooklyn Llc.

The property

The building with 3 residential units in Crown Heights has 3,104 square feet of built space and 667 square feet of additional air rights for a total buildable of 3,773 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 80 feet deep with a total lot size of 1,553 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. 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 not received any significant violations 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 seven of the 21 commercial properties representing 45,628 square feet of the 101,485 square feet. The largest owner is Steve Makowski, followed by Solomon Kapelyus and then Oren Hakim.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 101,485 square feet of built space are walkup buildings, with industrial buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 270 commercial properties with 2,658 residential units in New York City with 3,176,339 square feet and a city-determined market value of $792.5 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 48 percent of the 3,176,339 square feet of built space are elevator properties, with industrial properties next occupying 15 percent of the space. The bulk, or 39 percent of the built space, is in Brooklyn, with Queens next at 35 percent of the space.
The PincusCo database currently indicates that Greenbrook Partners owned at least 94 commercial properties with 708 residential units in New York City with 658,876 square feet and a city-determined market value of $190.9 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 66 percent of the 658,876 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. They are all located in Brooklyn.

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