Greenbrook, Carlyle pay $4.6M for 8-unit walkup in Bedford Stuyvesant

Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $4.6 million to SilverRock Development through the entity 157 Stuyvesant Realty LLC for the eight-unit residential walkup building (C1) at 157 Stuyvesant Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on July 25, 2024 and was recorded on August 2, 2024. The property has 5,280 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $871 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 February 13, 2020, for $2.5 million. The signatory for SilverRock Development was Rosemary Hayden. The signatory for Greenbrook Partners and Carlyle Group was Jennifer Lico.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 145 properties in 142 transactions for a total of $574.9 million.
The seller SilverRock Development had not purchased any other properties and sold two properties in two transactions for a total of $4.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sasha Mehdyzadeh, head officer and Shervin Mehdyzadeh, officer. The business entity is 157 Stuyvesant Realty Llc.

The property

The residential walkup building with 8 residential units in Bedford Stuyvesant has 5,280 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 75 feet deep with a total lot size of 1,650 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $846,000.

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 $1,905 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 15 of the 22 commercial properties representing 99,156 square feet of the 132,228 square feet. The largest owner is Aron Kapeluschnik, followed by Avraham Garbo and then Behrooz Benjamini.
On the tax block, there was one new building construction project filed totaling 7,200 square feet. It is a 10-unit, 7,200 square-foot residential (R-2) building submitted by Ryan Garbo with plans filed October 21, 2015 and it has not been permitted yet.

The majority, or 77 percent of the 132,228 square feet of built space are walkup buildings, with mixed-use buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 328 commercial properties with 1,606 residential units in New York City with 1,491,206 square feet and a city-determined market value of $491.6 million. (Market value is typically about 50% of actual value.) The portfolio has $348.8 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 50 percent of the 1,491,206 square feet of built space are walkup properties, with C0 properties next occupying 13 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Queens next at 4 percent of the space.
The PincusCo database currently indicates that Carlyle Group owned at least 309 commercial properties with 2,808 residential units in New York City with 3,867,957 square feet and a city-determined market value of $903.8 million. (Market value is typically about 50% of actual value.) The portfolio has $600 million in debt, with top three lenders as Invesco, Prudential Financial, and Santander Bank respectively. Within the portfolio, the bulk, or 40 percent of the 3,867,957 square feet of built space are elevator properties, with industrial properties next occupying 27 percent of the space. The bulk, or 46 percent of the built space, is in Brooklyn, with Queens next at 33 percent of the space.

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