Greenbrook, Carlyle pay $7M for 4-unit in Prospect Heights

Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $7 million to Aran P. Scott through the entity 186 Ventures LLC for the four-unit building (C3) at 186 Saint Marks Avenue in Prospect Heights, Brooklyn.
The deal closed on February 21, 2024 and was recorded on February 22, 2024. The property has 4,640 square feet of built space and 487 square feet of additional air rights for a total buildable of 5,128 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,508 and the price per buildable square foot is $1,365 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 November 16, 2022, for $3.1 million. The signatory for Aran P. Scott was Todd Schwartz. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was June 20, 2023.

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 Aran P. Scott purchased one property in one transaction for a total of $2.5 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is David Brody, head officer. The business entity is 186 Ventures Llc. The 4,640-square-foot property generated revenue of $136,138 or $29 per square foot, according to the most recent income and expense figures.

The property

The building with 4 residential units in Prospect Heights has 4,640 square feet of built space and 487 square feet of additional air rights for a total buildable of 5,128 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 131 feet deep with a total lot size of 2,564 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Prospect Heights Historic District. The city-designated market value for the property in 2022 is $1.8 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 $5,000 in ECB penalties and $5,000 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 five of the 19 commercial properties representing 24,318 square feet of the 64,234 square feet. The largest owner is Shel Capital, followed by Esther Bernstein and then Danny Zelouf.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 64,234 square feet of built space are mixed-use buildings, with walkup buildings next occupying 46 percent of the space.

The seller

The PincusCo database currently indicates that Aran P. Scott owned at least one commercial property with three residential units in New York City with 3,256 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C0 property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 285 commercial properties with 2,739 residential units in New York City with 3,240,093 square feet and a city-determined market value of $815.9 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 3,240,093 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 104 commercial properties with 748 residential units in New York City with 694,172 square feet and a city-determined market value of $204.2 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 694,172 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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