Conway Capital pays $3.1M for 4-unit walkup in Williamsburg

Conway Capital through the entity 199 N6th LLC paid $3.1 million to Dianne Ciorciari through the entity Red Pinto LLC for the four-unit building (C3) at 199 North 6th Street in Williamsburg, Brooklyn.
The deal closed on October 20, 2022 and was recorded on October 27, 2022. The property has 3,520 square feet of built space and 880 square feet of additional air rights for a total buildable of 4,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $880 and the price per buildable square foot is $704 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Dianne Ciorciari was Dianne Ciorciari. The signatory for Conway Capital was Abe Richard Cohen.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Conway Capital purchased 12 properties in 10 transactions for a total of $48.2 million and has no record it sold any properties over the past 24 months.
The seller Dianne Ciorciari had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Dianne Ciorciari, individual owner.

The property

The 199 North 6th Street parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,200 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $100 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 19 commercial properties representing 45,021 square feet of the 96,929 square feet. The largest owner is Anthony Merlino, followed by Itzhak Maman and then Manjula Mukhopadhyay.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 96,929 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Conway Capital owned at least 33 commercial properties in New York City with 232,640 square feet and a city-determined market value of $71.9 million. (Market value is typically about 50% of actual value.) The portfolio has $141 million in debt, with top three lenders as Arbor Realty Trust, Argentic Investment Management, and Citibank respectively. Within the portfolio, the bulk, or 64 percent of the 232,640 square feet of built space are walkup properties, with mixed-use properties next occupying 28 percent of the space. The bulk, or 57 percent of the built space, is in Brooklyn, with Manhattan next at 43 percent of the space.

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