The Real Deal New York

Carlyle Group buys Windsor Terrace site from JEMB

PE firm purchased 72 Caton Place for $23M
By Eddie Small | May 31, 2018 02:40PM

72 Caton Place and Robert Stuckey

The Carlyle Group has purchased 72 Caton Place in Windsor Terrace from JEMB Realty for $23 million, according to property records.

JEMB purchased the property last year for $15.2 million and sold it in May to an LLC with the same address as AlpInvest Partners, the Carlyle Group’s primary fund and co-investment platform. The parcel is a former parking lot for the Brooklyn church Calvary Cathedral of Praise.

Reports from 2015 indicated that Suzuki Capital had partnered with Calvary Cathedral to build a 100,000-square-foot rental building that would integrate with the adjacent two-story church at 58 Caton Place. JEMB had filed plans earlier this year for an eight-story storage facility on the site spanning about 114,000 square feet, but it was unclear what Carlyle planned to do with the property.

Carlyle and JEMB did not respond to requests for comment.

Sentinel Real Estate Corporation recently sold their Windsor Terrace rental building at 31 Ocean Parkway for $33.7 million to Frey Management,  but the neighborhood has been quiet overall when it comes to multifamily transactions. Caton Place did see another major deal in 2015, when Sam Boymelgreen paid $76 million for 33 Caton Place.

The Carlyle Group is also working with Alchemy Properties on a 32-unit condo building at 2255 Broadway on the Upper West Side. They recently landed a $102 million in financing for the project.