Conway Capital pays $3M for 6-unit Greenpoint walkup

Abe Cohen’s Conway Capital purchased a six-unit walkup building at 60 Diamond Street in Greenpoint for $3.026 million on May 10, 2022, according to a representative for the buyer. The sale has not yet been recorded. The seller was Gregg Bonomi through the entity Diano Diamond LLC.

The three-story, 4,500 square foot building was built in 1931. According to a spokesperson for the buyer, it sold for a stabilized 5.61% cap rate, at $500,000 per unit.

Urban Standard Capital provided $2.45 million in acquisition financing to Conway for the purchase of the building. This was the sixth loan from Urban Standard, the company said.

According to a statement from the buyer, Conway Capital owns and manages 26 properties in Brooklyn, and “plans to renovate the units with cosmetic upgrades, and redo the hallways and facade with new modern finishes.”

Venture Capital Properties’ Josh Malekan represented the seller, Diano Diamond LLC.