Greenbrook, Carlyle pay $2.5M for 3-family in Bushwick

Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.5 million to Jakup Shalesi through the entity 1012 Halsey LLC for the three-unit building (C0) at 1012 Halsey Street in Bushwick, Brooklyn.
The deal closed on January 17, 2024 and was recorded on January 23, 2024. The property has 2,360 square feet of built space and 2,014 square feet of additional air rights for a total buildable of 4,371 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,074 and the price per buildable square foot is $579 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 April 19, 2023, for $1.1 million. The signatory for Jakup Shalesi was Matthew Matatof. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was August 22, 2023. This is the second property Jakup Shalesi has sold to Greenbrook Partners. The other was 310 Menahan Street in December 2020 for $3.7 million.

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 24 properties in 24 transactions for a total of $135.9 million over the past 24 months.
The seller Jakup Shalesi had not purchased any other properties and had not sold any properties over the same time period.

The property

The building with 3 residential units in Bushwick has 2,360 square feet of built space and 2,014 square feet of additional air rights for a total buildable of 4,371 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,799 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 $1.3 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 $300 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 four of the seven commercial properties representing 21,926 square feet of the 54,676 square feet. The largest owner is Solomon Landau, followed by David Miao and then Abraham Grunhut.
On the tax block, there were four new building construction projects totaling 49,941 square feet. The largest is a 18-unit, 17,849 square-foot residential (R-2) building submitted by Greenrock Funding and filed by Abraham Greenhut with plans filed March 16, 2022 and permitted June 10, 2022.

The majority, or 82 percent of the 54,676 square feet of built space are walkup buildings, with retail buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 276 commercial properties with 2,690 residential units in New York City with 3,203,645 square feet and a city-determined market value of $802.4 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 3,203,645 square feet of built space are elevator properties, with industrial properties next occupying 15 percent of the space. The bulk, or 40 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 98 commercial properties with 724 residential units in New York City with 673,486 square feet and a city-determined market value of $196.1 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 65 percent of the 673,486 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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