Conway Capital borrows $10.5M from New York Community Bank for purchase of property in Chinatown

Abe Cohen’s Conway Capital through the entity 21-23 Catherine St CC LLC as borrower signed a loan agreement with lender New York Community Bank valued at $10.5 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 30 residential units at 21 Catherine Street, 23 Catherine Street in Chinatown. The deal closed on March 26, 2020 and was recorded on March 30, 2020.

The average loan per unit is $350,000.
This is an acquisition loan for Conway Capital to purchase the property for $14 million. The prior debt was $6.5 million provided by Bridgehampton National Bank and was assigned to New York Community Bank which provided a gap loan of $4.4 million.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $453,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link