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Carlyle Group Acquires Multifamily Property In Ridgewood, Queens For $3.05M

Property Image
SOLD
$3,050,000
CM
JK

New York

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MultiFamily5,175 SF
Sold 05/05/2023
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Property Image
SOLD

Carlyle Group Acquires Multifamily Property In Ridgewood, Queens For $3.05M

1924 Grove St Ridgewood, NY 11385, USA

See Similar Deals
MultiFamily5,175 SF
Sold 05/05/2023
CM
JK
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$589
Total Square Footage:5,175 SF
Transaction Type:Sale

The Carlyle Group, through their entity Townhouse Rental II, L.L.C., has acquired a six-unit residential walkup building in Ridgewood, Queens. The property, located at 1924 Grove Street, was purchased from Joseph Kaufman's Grove Realty NY LLC for a total price of $3,050,000. The multifamily asset offers a total of 5,175 square feet of built space, with an average price per square foot of $589.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,050,000
  • Units: 6
  • Price per Unit: $508,000
  • Square Feet: 5,175
  • Price per Square Foot: $589

The buyer's representative in this deal is Carter Martin from Carlyle Group. The seller, Joseph Kaufman, facilitated the transaction through his company Grove Realty NY LLC. This acquisition marks a significant investment in the Ridgewood, Queens market for Carlyle Group, demonstrating their continued interest in the multifamily sector.

Players

CM
Carlyle Group
Carter Martin
28 deals$146M volume
BUYER
JK
Joseph Kaufman
4 deals$6.1M volume
SELLER

Details

SOLD
IMAGE: 05/05/2023 ADDRESS: 1924 Grove Street MARKET: Ridgewood, Queens ASSET TYPE: Multifamily BUYER: Carlyle Group (@OneCarlyle) - Carter Martin SELLER: Joseph Kaufman SALE PRICE: $3,050,000 UNITS: 6 ~ PPU: $508,000 SF: 5,175 ~ PPSF: $589 NOTE: Carlyle Group's entity, Townhouse Rental II, L.L.C., purchased a six-unit residential walkup building in Ridgewood, Queens from Joseph Kaufman's Grove Realty NY LLC for $3 million. The property has 5,175 square feet of built space.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$162,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,836.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,458.56
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