Carlyle and Z+G Property Buy Gowanus Apartment Building for $32M

Carlyle Group and Z+G Property Group have picked up an apartment building in Gowanus, Brooklyn, for $32.1 million, according to city records made public Monday.

The two firms, through the entity 202 8th Street Owner, bought the 12-story building at 438 Fourth Avenue from Werber Real Estate, which used the entity 202 Park Slope, records show.

Carlyle’s Wonjoong Kim signed for the buyer, while Benjamin Werber signed for the seller, according to records.

JLL‘s Rob Hinckley, Jeffrey Julien, Steven Rutman and Ethan Stanton represented both the buyer and seller in the deal.

Z+G declined to comment, while spokespeople for Carlyle, Werber and JLL did not immediately respond to requests for comment. PincusCo first reported the news.

Werber Real Estate bought the 51-unit apartment building, which has an alternative address of 202 Eighth Street, in 2013 for $37.8 million, property records show.

The property between Eighth and Ninth streets has apartments with rents ranging from $2,995 per month for a studio to $7,879 per month for a three-bedroom, according to StreetEasy.

It’s unclear what Carlyle and Z+G plan to do with the building, but the property is home to Park Slope Handyman & Painting and interior designer Christine Tse Interiors in the retail space. But Carlyle is no stranger to the development boom happening in Gowanus recently.

In 2023, Carlyle paid Property Markets Group $100 million for a stake in Property Markets’ two-building, 517-unit residential development at 267 Bond Street and 498 Sackett Street, The Real Deal reported.

The partners secured $335 million in construction financing for the project, which was close to wrapping up in February, according to TRD and New York Yimby.

Carlyle has also been active recently in industrial sales across New York City.

This month, the developer bought a self-storage facility at 1-19 Remsen Avenue in East Flatbush, Brooklyn, for $50 million, as Commercial Observer previously reported.

And Carlyle picked up two storage properties — one at 74-16 Grand Avenue in Elmhurst, Queens, and the other at 302 Dyckman Street in Manhattan’s Inwood neighborhood — for a total of $68 million in December, CO reported.

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