Conway Capital pays $3.9M to Delshah Capital for 8-unit walkup in Carroll Gardens

Conway Capital through the entity 372 Baltic Street Cc LLC paid $3.9 million to Delshah Capital’s DS Brooklyn Portfolio Owner LLC for the eight-unit residential walkup building (C1) at 372 Baltic Street in Carroll Gardens, Brooklyn.
The deal closed on October 20, 2022 and was recorded on October 28, 2022. The property has 7,080 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $555 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 seller bought the property on September 21, 2018, for $3.7 million.

The signatory for Delshah Capital was Michael Shah. The signatory for Conway Capital was Abe Cohen.

The PincusCo database currently indicates that Conway Capital owned at least 34 commercial properties with 236,160 square feet, 292 residential units and a city-determined market value of $73 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 63 percent of the 236,160 square feet of built space are walkup properties, with mixed-use properties next occupying 28 percent of the space. The bulk, or 58 percent of the built space, is in Brooklyn, with Manhattan next at 42 percent of the space.

The PincusCo database currently indicates that Delshah Capital owned at least 46 commercial properties with 782,774 square feet, 653 residential units and a city-determined market value of $187.8 million. (Market value is typically about 50% of actual value.) The portfolio has $276.7 million in debt, with top three lenders as Arbor Realty Trust, Signature Bank, and Customers Bank respectively. Within the portfolio, the bulk, or 42 percent of the 782,774 square feet of built space are walkup properties, with D3 properties next occupying 34 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Michael Shah, head officer and Brian Conroy, site manager. The business entities are Ds Brooklyn Portfolio Owner Llc.

The property

The 372 Baltic Street parcel has frontage of 29 feet and is 100 feet deep with a total lot size of 2,950 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 $2.2 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 $350 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 nine of the 30 commercial properties representing 53,558 square feet of the 145,868 square feet. The largest owner is Delshah Capital, followed by Baldina Lafemina and then Jonathan Holman.
On the tax block, there was one new building construction project filed totaling 4,868 square feet. It is a seven-unit, 4,868 square-foot R-2 building developed by Jing Wang with plans filed October 6, 2022 and it has not been permitted yet.

The majority, or 60 percent of the 128,588 square feet of built space are walkup buildings, with mixed-use buildings next occupying 40 percent of the space.

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