Abe Cohen’s Conway Capital borrows $11M from Pacific Western Bank for property in Brooklyn Heights

Abe Cohen’s Conway Capital through the entity 162 Montague CC LLC as borrower signed a loan agreement with lender Pacific Western Bank valued at $11.1 million for 3 parcels, including the tax class retail building with apartments above (K4) and containing 7 residential units at 155 Montague Street, 6 Stone Street, 162 Montague Street in Brooklyn Heights. The deal closed on June 7, 2019 and was recorded on October 9, 2019.
The property contains a total of 6,875 square feet of built space. The property has 31,810 square feet of available development rights.
The average loan per buildable square foot is $201.
The last time the property sold was June 7, 2019, for $5,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $76,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.