Greenbrook, Carlyle pay $5.5M for rentals in Bedford Stuyvesant, Bushwick

Greenbrook Partners and Carlyle Group paid a total of $5.5 million for two Brooklyn rentals at 389 Sumpter Street in Bedford Stuyvesant and 264 Woodbine Street in Bushwick in two separate transactions with two sellers.

In the larger, Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3.2 million to Eliahu Nahman through the entity 389 Sumpter St LLC for the eight-unit property at 389 Sumpter Street.
The deal closed on February 12, 2024 and was recorded on February 21, 2024. The property has 5,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $582 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 signatory for Eliahu Nahman was Berel Shurin. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was October 4, 2023. In 2020, Nahman filed plans for an 8-unit condo with a $4.3 million sellout. But that plan, CD200229, was abandoned in April 2023.

In the second, Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.3 million to Brickstone Group through the entity Chauncey Bricks LLC for the three-unit 1-4 family building (C0) at 264 Woodbine Street.
The deal closed on February 20, 2024 and was recorded on February 21, 2024. The property has 2,700 square feet of built space and 2,160 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $844 and the price per buildable square foot is $469 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 June 21, 2023, for $1.1 million. The signatory for Brickstone Group was Babak Pourtavoosi. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was September 22, 2023. Joseph Yaakovzadeh’s Brickstone Group bought the property in 2023 for $1.1 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 17 properties in 14 transactions for a total of $52 million and sold 28 properties in 28 transactions for a total of $164.2 million over the past 24 months.
The seller Eliahu Nahman had not purchased any other properties and sold one properties in one transactions for a total of $2 million over the same time period. The 5,500-square-foot property generated revenue of $166,616 or $30 per square foot, according to the most recent income and expense figures.

The property

The property with 8 residential units in Bedford Stuyvesant has 5,500 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 5,500 square feet. The city-designated market value for the property in 2022 is $945,000.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 27, 2021. 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 nine of the 24 commercial properties representing 48,300 square feet of the 101,130 square feet. The largest owner is Y Perl, followed by Y Friedman and then Sharp Management.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 101,130 square feet of built space are walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Eliahu Nahman owned at least eight commercial properties with 194 residential units in New York City with 160,165 square feet and a city-determined market value of $23.8 million. (Market value is typically about 50% of actual value.) The portfolio has $72.4 million in debt, with top three lenders as Lincoln Benefit Life Company, Peapack-Gladstone Bank, and Bank of Princeton respectively. Within the portfolio, the bulk, or 100 percent of the 160,165 square feet of built space are elevator properties, with walkup properties next occupying 0 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 283 commercial properties with 2,728 residential units in New York City with 3,231,893 square feet and a city-determined market value of $813.8 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 47 percent of the 3,231,893 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.

The PincusCo database currently indicates that Greenbrook Partners owned at least 102 commercial properties with 737 residential units in New York City with 685,972 square feet and a city-determined market value of $202.1 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 64 percent of the 685,972 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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