Greenbrook, Carlyle pay $2.9M for 5-unit in Bushwick
Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.9 million to Castro Harper Fund through the entity 423 Irving Avenue LLC for the five-unit building at 423 Irving Avenue in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on April 16, 2026 and was recorded on April 21, 2026. The property has 3,300 square feet of built space and 1,311 square feet of additional air rights for a total buildable of 4,617 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $879 and the price per buildable square foot is $628 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 6, 2022, for $1.4 million. The signatory for Castro Harper Fund was Benjamin Brash . The signatory for Greenbrook Partners and Carlyle Group was Jennifer Lico . The contract date was November 8, 2023.
Prior sales, articles and revenue
Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 55 properties in 55 transactions for a total of $221 million and sold 18 properties in 18 transactions for a total of $94.3 million over the past 24 months.
The seller Castro Harper Fund had not purchased any other properties and sold two properties in two transactions for a total of $6.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Giovanni Castro, head officer and Maurice Harper, officer. The business entity is 423 Irving Avenue Llc.
The property
The five-unit building in Bushwick has 3,300 square feet of built space and 1,311 square feet of additional air rights for a total buildable of 4,617 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 95 feet deep with a total lot size of 1,900 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 $1.2 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 two of the nine commercial properties representing 14,978 square feet of the 37,608 square feet. The identified owner is Moshe Silberstein.
There are no active new building construction projects on this tax block.
The majority, or 60 percent of the 37,608 square feet of built space are mixed-use buildings, with walkup buildings next occupying 40 percent of the space.
The buyer
The PincusCo database currently indicates that Carlyle Group owned at least 460 commercial properties with 6,268 residential units in New York City with 7,204,575 square feet and a city-determined market value of $6.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $952.7 million in debt, with top three lenders as PGIM Real Estate, Invesco, and Prudential Financial respectively. Within the portfolio, the bulk, or 20 percent of the 7,204,575 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Manhattan next at 23 percent of the space.
The PincusCo database currently indicates that Greenbrook Partners owned at least 460 commercial properties with 6,268 residential units in New York City with 7,204,575 square feet and a city-determined market value of $6.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $371 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 20 percent of the 7,204,575 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Manhattan next at 23 percent of the space.
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