Greenbrook, Carlyle pays $2.1M for 3-family in Bedford Stuyvesant
Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.1 million to Zi Hang Chen through the entity Made In Bk, LLC for the three-unit building (C0) at 1113 Herkimer Street in Bedford Stuyvesant, Brooklyn.
The deal closed on January 19, 2024 and was recorded on January 25, 2024. The property has 2,520 square feet of built space and 672 square feet of additional air rights for a total buildable of 3,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $833 and the price per buildable square foot is $656 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 April 24, 2023, for $1.1 million. The signatory for Zi Hang Chen was Jason Kim. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was August 21, 2023.
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 24 properties in 24 transactions for a total of $135.9 million over the past 24 months.
The seller Zi Hang Chen had not purchased any other properties and had not sold any properties over the same time period.
The property
The 1-4 family building with 3 residential units in Bedford Stuyvesant has 2,520 square feet of built space and 672 square feet of additional air rights for a total buildable of 3,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 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 $917,000.
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
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 29 commercial properties representing zero square feet of the 28,620 square feet. The identified owner is NYC Department Of Housing Preservation And Development.
There are no active new building construction projects on this tax block.
The majority, or 69 percent of the 28,620 square feet of built space are mixed-use buildings, with walkup buildings next occupying 31 percent of the space.
The buyer
The PincusCo database currently indicates that Carlyle Group owned at least 277 commercial properties with 2,693 residential units in New York City with 3,206,005 square feet and a city-determined market value of $803.7 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 3,206,005 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 99 commercial properties with 727 residential units in New York City with 675,846 square feet and a city-determined market value of $197.4 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 675,846 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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