Greenbrook, Carlyle pays $3.2M for 5-unit walkup in Bushwick

Greenbrook Partners and the Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3.2 million to Joseph Goldzal through the entity 234 SNA LLC for the five-unit residential walkup building (C2) at 234 St Nicholas Avenue in Bushwick, Brooklyn.
The deal closed on January 4, 2024 and was recorded on January 10, 2024. The property has 4,247 square feet of built space and 125 square feet of additional air rights for a total buildable of 4,371 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $762 and the price per buildable square foot is $741 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 January 8, 2018, for $850,000. The signatory for Joseph Goldzal was Joseph Goldzal. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was July 20, 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 21 properties in 21 transactions for a total of $119.2 million over the past 24 months.
The seller Joseph Goldzal had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 5 residential units in Bushwick has 4,247 square feet of built space and 125 square feet of additional air rights for a total buildable of 4,371 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,799 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $848,000.

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 October 4, 2019. 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 eight of the 15 commercial properties representing 47,370 square feet of the 80,392 square feet. The largest owner is Serafina Calamia, followed by Raghsa Real Estate and then Mann Group.
On the tax block, there was one new building construction project filed totaling 13,200 square feet. It is a 19-unit, 13,200 square-foot residential (R-2) building submitted by Adam Smith with plans filed October 22, 2014 and permitted August 24, 2017.

The majority, or 55 percent of the 80,392 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 269 commercial properties with 2,653 residential units in New York City with 3,172,092 square feet and a city-determined market value of $791.6 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 3,172,092 square feet of built space are elevator properties, with industrial properties next occupying 15 percent of the space. The bulk, or 39 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 93 commercial properties with 703 residential units in New York City with 654,629 square feet and a city-determined market value of $190 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 654,629 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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