Carlyle Group Buys East Flatbush Warehouse for $50M

The Carlyle Group has picked up yet another self-storage facility in New York City, this time in Brooklyn’s East Flatbush neighborhood.

Carlyle, through the entity 25 Remsen Avenue Owner, purchased the property at 1-19 Remsen Avenue for $50 million from real estate investment firm Cayre Equities, which used the entity CS Utica & Remsen, according to city records made public Tuesday.

Jason Hart, a managing director at Carlyle, signed for the buyer, while Kenneth Cayre, founder of Cayre, signed for the seller, records show.

It’s unclear who brokered the deal. Spokespeople for Carlyle and Cayre did not immediately respond to requests for comment. The deal was first reported by Crain’s New York Business.

Cayre bought the property at the intersection of Remsen and East New York avenues in March 2015 for $13 million, property records show. The property currently seems vacant and is located next to a CubeSmart self-storage warehouse at 25 Remsen Avenue.

The new deal’s higher price reflects the current popularity of New York City’s self-storage market, which Carlyle has been dropping money on recently.

In December, Carlyle paid a total of $68 million for two storage properties from Storage Deluxe, one in Elmhurst, Queens, at 74-16 Grand Avenue and the other in Manhattan’s Inwood neighborhood at 302 Dyckman Street, as Commercial Observer previously reported.

And last April, Carlyle acquired four self-storage facilities in Brooklyn and Queens for a total of $110.4 million, CO reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.