Greenbrook, Carlyle pay $8.4M for two walkups in Clinton Hill

Greenbrook Partners and Carlyle Group paid $8.37 million to Elazar Orlofsky for two adjacent residential walkups at 33 and 35 Lexington Avenue in Clinton Hill, Brooklyn, in two separate transactions.

In the first, Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $4.185 million to Elazar Orlofsky through the entity 33 Lexington Avenue LLC for the five-unit residential walkup building (C2) at 33 Lexington Avenue in Clinton Hill, Brooklyn.
The deal closed on January 10, 2024 and was recorded on January 17, 2024. The property has 3,956 square feet of built space and 40 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,057 and the price per buildable square foot is $1,046 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 23, 2015, for $999,500. The signatory for Elazar Orlofsky was Elazar Orlofsky. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was July 20, 2023. Orlofsky

Greenbrook Partners and Carlyle Group through the entity Townhouse Rental Ii, L.L.C. paid $4.185 million to Elazar Orlofsky through the entity 35 Lexington Avenue LLC for the five-unit residential walkup building (C2) at 35 Lexington Avenue in Clinton Hill, Brooklyn. The deal closed on January 10, 2024 and was recorded on January 17, 2024. The property has 3,950 square feet of built space and 40 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,059 and the price per buildable square foot is $1,046 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 23, 2015, for $1.8 million. The signatory for Elazar Orlofsky was Elazar Orlofsky. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 18 properties in 15 transactions for a total of $55.9 million and sold 21 properties in 21 transactions for a total of $119.2 million over the past 24 months.
The seller Elazar Orlofsky purchased four properties in two transactions for a total of $10.7 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Eric Orlofsky, head officer and Mileaka Owens, agent. The business entities are Ebd Management Services and 33 Lexington Avenue Llc.

The property

The residential walkup building with 5 residential units in Clinton Hill has 3,956 square feet of built space and 40 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $899,000. The most recent loan totaled $5 million and was provided by Capital One on March 6, 2020.

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 October 26, 2017. 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 12 of the 18 commercial properties representing 143,009 square feet of the 156,180 square feet. The largest owner is Rebecca Lemmer, followed by Northeastern Conference Of Seventh-Day Adventists and then Myron Siegel.
On the tax block, there were two new building construction projects totaling 5,310 square feet. The largest is a one-unit, 2,684 square-foot residential (R-3) building submitted by Eran Malka with plans filed March 10, 2022 and permitted August 29, 2022. The second largest is a two-unit, 2,626 square-foot residential (R-3) building submitted by Ines Lamuniere with plans filed December 22, 2016 and permitted January 3, 2018.

The majority, or 56 percent of the 156,180 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Elazar Orlofsky owned at least five commercial properties with 33 residential units in New York City with 22,225 square feet and a city-determined market value of $7.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 271 commercial properties with 2,661 residential units in New York City with 3,179,443 square feet and a city-determined market value of $793.9 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 48 percent of the 3,179,443 square feet of built space are elevator properties, with industrial properties next occupying 15 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 35 percent of the space.

The PincusCo database currently indicates that Greenbrook Partners owned at least 95 commercial properties with 711 residential units in New York City with 661,980 square feet and a city-determined market value of $192.3 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 65 percent of the 661,980 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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