The Carlyle Group’s Brooklyn buying spree is still going strong.
The Washington, D.C.-based private equity giant has purchased two more self-storage properties, at 145 18th St. in Greenwood Heights and 163 Sackman St. in Brownsville, for $45.6 million in total, property records show: $25.6 million for 145 18th St. and $20 million for 163 Sackman St. The firm closed on both sites April 12, the same day it bought the storage facility at 651 Utica Ave. in East Flatbush for $14.5 million.
Carlyle bought all three properties from Equity Resource Investments and SNL Construction, and all are mentioned in an ongoing lawsuit between the companies. Another property named in the lawsuit that sold recently was the storage site at 1301 Ave. M in Midwood, which Heitman Capital Management bought in February for about $46.9 million, property records show.
Equity sued SNL last year over accusations of fraud, misconduct and negligence. The suit claims that the two firms formed limited liability companies between 2015 and 2019 to develop 22 self-storage facilities in New York. SNL was in charge of building and operating them but allegedly tried to and did get money under “false pretenses,” according to the suit. The ongoing lawsuit seeks at least $3.7 million in damages.
Representatives for Carlyle, Equity and SNL did not respond to requests for comment by press time. It was unclear what Carlyle’s plans for the sites are and if the firm seeks to buy any others from Equity and SNL.
SNL bought 145 18th St. in 2018 for $6.5 million and 163 Sackman St. in 2017 for about $2.7 million, property records show.
Carlyle has purchased several Brooklyn properties in recent years, although they largely have been multifamily buildings. Its portfolio includes the 23-unit 25 Lexington Ave. in Clinton Hill, which it bought in 2022 for $17 million; the 123-unit 8 Marcy Ave. in Williamsburg, which it bought in July for $97.5 million; and the 517-unit project planned for 267 Bond St. in Gowanus, which it bought a majority stake in for $100 million in May.
The city’s industrial market made it through the pandemic largely unscathed and has continued to show signs of health. The first quarter of 2024 was the busiest first quarter for industrial properties in the outer boroughs since 2019, with companies leasing 1 million square feet of space, according to data from Cushman & Wakefield.
Eddie Small , 2024-04-24 18:48:52
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