Jillian Sackler foundation pays $4.2M to Carlyle Group for two office condos in Turtle Bay

The Dame Jillian and Dr. Arthur M. Sackler Foundation for the Arts, Sciences & Humanities paid $4.2 million to the Carlyle Group through the entity 866 Plaza Owner, L.L.C. for two office condominium units at 866 United Nations Plaza in Turtle Bay, Manhattan.
The deal closed on May 6, 2024 and was recorded on May 22, 2024. The two properties have 4,107 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,022 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 signatory for Carlyle Group was Jason Hart. The signatory for Dame Jillian and Dr. Arthur M. Sackler Foundation for the Arts, Sciences & Humanities was Daniel Churgin. The contract date was April 1, 2024. Arthur Sackler died in 1987. Daniel Churgin is an attorney.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dame Jillian and Dr. Arthur M. Sackler Foundation for the Arts, Sciences & Humanities had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Carlyle Group purchased 168 properties in 163 transactions for a total of $1.7 billion and sold three properties in three transactions for a total of $67.4 million over the same time period.

The property

The office condo in Turtle Bay has 4,107 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,811 square feet. The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 neighborhood

In Turtle Bay, The bulk, or 36 percent of the 9 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 32 percent of the space. In sales, Turtle Bay has had very little sales volume relative to other neighborhoods with $158.4 million in sales volume in the last two years. For development, Turtle Bay has had very little major development activity relative to other neighborhoods.It had 195,046 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The seller

The PincusCo database currently indicates that Carlyle Group owned at least 305 commercial properties with 2,798 residential units in New York City with 3,804,641 square feet and a city-determined market value of $893.5 million. (Market value is typically about 50% of actual value.) The portfolio has $600 million in debt, with top three lenders as Invesco, Prudential Financial, and Santander Bank respectively. Within the portfolio, the bulk, or 40 percent of the 3,804,641 square feet of built space are elevator properties, with industrial properties next occupying 26 percent of the space. The bulk, or 45 percent of the built space, is in Brooklyn, with Queens next at 33 percent of the space.

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