Greenbrook, Carlyle pay $2.8M for 4-unit rental in Bedford Stuyvesant

Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.8 million to Joseph Yaakovzadeh through the entity Mac Bricks LLC for the four-unit property at 157A Madison Street in Bedford Stuyvesant, Brooklyn.
The deal closed on April 11, 2024 and was recorded on April 12, 2024. The property has 2,052 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,364 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 March 29, 2023, for $1.4 million.

The PincusCo database currently indicates that Carlyle Group owned at least 290 commercial properties with 3,420,882 square feet, 2,598 residential units and a city-determined market value of $845.1 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 45 percent of the 3,420,882 square feet of built space are elevator properties, with industrial properties next occupying 19 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Joseph Yaakovzadeh, head officer and Rabi Yaghoubzadeh, officer. The business entity is Mac Bricks Llc.

The property

The parcel has a total lot size of 2,052 square feet. The city-designated market value for the property in 2022 is $269,000.

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 two of the 13 commercial properties representing 3,600 square feet of the 31,069 square feet. The two identified owners are City Of New York and Robyn Lucas-Cora.
On the tax block, there were four new building construction projects totaling 17,602 square feet. The largest is a 10-unit, 7,940 square-foot residential (R-2) building submitted by Tomer Erlich with plans filed January 15, 2016 and it has not been permitted yet. The second largest is a three-unit, 4,885 square-foot residential (R-2) building submitted by Michael Gendin with plans filed April 1, 2015 and it has not been permitted yet.

The majority, or 60 percent of the 31,069 square feet of built space are mixed-use buildings, with walkup buildings next occupying 30 percent of the space.

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