Greenbrook, Carlyle pays $2M for 3-family in Bushwick

Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2 million to Steven Kordvani through the entity Bushwick 1273 LLC for the three-unit building (C0) at 1273 Bushwick Avenue in Bushwick, Brooklyn.
The deal closed on April 12, 2024 and was recorded on April 16, 2024. The property has 3,000 square feet of built space and 880 square feet of additional air rights for a total buildable of 3,888 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $666 and the price per buildable square foot is $514 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 17, 2018, for $1.1 million. The signatory for Steven Kordvani was Steven Kordvani. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was December 28, 2021.

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 $100 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 two of the five commercial properties representing 16,254 square feet of the 23,980 square feet. The two identified owners are Pennrose and Israel Frankel.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 23,980 square feet of built space are walkup buildings, with mixed-use buildings next occupying 14 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 291 commercial properties with 2,757 residential units in New York City with 3,422,934 square feet and a city-determined market value of $845.4 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 45 percent of the 3,422,934 square feet of built space are elevator properties, with industrial properties next occupying 19 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

The PincusCo database currently indicates that Greenbrook Partners owned at least 109 commercial properties with 766 residential units in New York City with 708,979 square feet and a city-determined market value of $210.1 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 63 percent of the 708,979 square feet of built space are walkup properties, with mixed-use properties next occupying 9 percent of the space. They are all located in Brooklyn.

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