Beltway Capital buys 2 notes totaling $10.27M secured by walkups in Park Slope facing foreclosure

Beltway Capital Management bought two notes with a combined original principal of $10.27 million secured by two Conway Capital residential walkup buildings in Park Slope, Brooklyn, in two transactions.

Both properties are facing foreclosure actions, each filed in federal court.

https://ecf.nyed.uscourts.gov/cgi-bin/iquery.pl?100268712734545-L_9999_1-0-525365

https://ecf.nyed.uscourts.gov/cgi-bin/iquery.pl?895573941408506-L_9999_1-0-531557

In the first, Beltway Capital Management through the entity Mccormick 108 LLC bought a note with an original principal of $5.9 million from K-Star Asset Management secured by Conway Capital’s 16-unit residential walkup building (C1) at 566 7th Street in Park Slope, Brooklyn.
The deal closed on October 1, 2025 and was recorded on October 21, 2025. The prior lender was K-Star Asset Management which held debt that had an original loan amount of $5.9 million.The property has 10,636 square feet of built space and 1,360 square feet of additional air rights for a total buildable of 12,000 square feet according to a PincusCo analysis of city data.
The owner bought the property on July 15, 2022, for $6.8 million. The signatory for Conway Capital was Abe Cohen . The signatory for Beltway Capital Management was Sean Schroeder.

In the second, Beltway Capital Management through the entity Mccormick 108 LLC bought a note with an original principal of $4.4 million from K-Star Asset Management representing Series 2021-C9 secured by Conway Capital’s three-unit mixed-use building (S9) at 57 4th Avenue in Park Slope, Brooklyn.
The deal closed on October 1, 2025 and was recorded on October 21, 2025. The prior lender was K-Star Asset Management|Series 2021-C9 which held debt that had an original loan amount of $4.4 million. The property has 4,526 square feet of built space and 4,939 square feet of additional air rights for a total buildable of 9,469 square feet according to a PincusCo analysis of city data.
The owner bought the property on December 4, 2019, for $4 million. The signatory for Conway Capital was Abe Richard Cohen. The signatory for Beltway Capital Management was Sean Schroeder.

Prior sales and revenue

The 10,636-square-foot property generated revenue of $515,881 or $49 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Park Slope has 10,636 square feet of built space and 1,360 square feet of additional air rights for a total buildable of 12,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property is in the Park Slope Historic District. The city-designated market value for the property in 2022 is $2.5 million.

Violations and lawsuits

The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $5.9 million commercial foreclosure concerning a loan filed on December 20, 2024, by Series 2023-C9 and K-Star Asset Management against Conway Capital and Abe Cohen. In addition, according to city public data, the property has received seven housing violations and $4,830 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 12 of the 17 commercial properties representing 111,785 square feet of the 182,323 square feet. The largest owner is Flatiron Real Estate Advisors, followed by Zipporah Goldstein and then Ramon Maislen.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 182,323 square feet of built space are walkup buildings, with specialty buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Conway Capital owned at least 27 commercial properties with 242 residential units in New York City with 192,690 square feet and a city-determined market value of $66.5 million. (Market value is typically about 50% of actual value.) The portfolio has $151.1 million in debt, with top three lenders as Arbor Realty Trust, Citibank, and LMF Commercial respectively. Within the portfolio, the bulk, or 66 percent of the 192,690 square feet of built space are walkup properties, with mixed-use properties next occupying 24 percent of the space. The bulk, or 56 percent of the built space, is in Brooklyn, with Manhattan next at 44 percent of the space.

Direct link to Acris document. link
Direct link to Acris document. link