The Carlyle Group and Jay Greenberg’s Z+G Property Group have teamed up again, this time to purchase a property in Bed-Stuy.
The partnership bought a 46-unit multifamily building at 180 Bainbridge Street for $22.4 million, the largest dollar amount of a multifamily transaction in the Brooklyn neighborhood this year. The seller, Bushburg Properties, bought the property from the NYC Housing Development Fund in 2011 for $2.4 million and redeveloped it.
The original property dates to 1921. It’s now 57,000 square feet over four floors. TerraCRG’s Matt Cosentino and Ofer Cohen represented both the buyer and seller.
Carlyle has been aggressively expanding its multifamily portfolio, particularly with smaller buildings in the outer boroughs. Z+G has partnered with the giant private equity firm on a number of them. In July the pair bought a 123-unit rental building in Williamsburg for $97.5 million. In June Carlyle paid $12.7 million for a Park Slope walk-up.
The Bed-Stuy trade highlighted last week’s transactions in the middle market, defined as commercial sales between $10 million and $40 million. The rest are below, ranked by dollar amount.
- Toby Moskovits’ Heritage Equity Partners has handed its Bushwick Generator development to its lender, Fortress Investment Group, after a four year saga. Located at 215 Moore Street, the site is slated to be a 13-story office and retail building. Fortress, bidding with the debt it’s owed, paid $25.5 million.
Heritage, after falling behind on a $48.2 million mortgage it took out in 2018, accused Fortress of a loan-to-own scheme. A judge ruled against Heritage. The loan has more than $4 million in accrued interest.
- Northwind Group sold a SoHo office building for less than it paid for it in 2014. Astral Management purchased the office for $14.8 million, nine years after Northwind bought it for $16.4 million, eyeing a residential conversion. Astral plans to convert it into a luxury rental, Crain's reported.
In 2020, Northwind sued flex-office provider Knotel, one of the building’s tenants, over $900,000 in unpaid rent. The lawsuit was dismissed after Knotel went into bankruptcy. Located at 40 Wooster Street, the office building was built in 1896. It has six units totaling 14,000 square feet over six floors.
Simko Aranbayev and David Koptiev cashed in a three-building strip in Canarsie for $11.7 million. Located at 105-16, 105-10 and 105-04 Flatlands Avenue, the properties were built in 2014 and have two floors. They combine for 25,000 square feet. Among the tenants are laundromat Clean Rite Center, Flatlands Medical Care, a barbershop and a 7-Eleven.
The buyer, Nabil Hussein, took out a $2.5 million loan from Ridgewood Savings Bank to fund the purchase. Zain Munassar signed for the borrower.
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