Conway Capital pays $3M to Madison Realty Capital for residential walkup in Park Slope
Conway Capital through the entity 350 5th Street CC LLC paid $3 million to Madison Realty Capital through the entity 350 5th Street Owner LLC for eight-unit residential walkup building (C1) at 350 5th Street in Park Slope, Brooklyn.
The deal closed on November 18, 2022 and was recorded on December 2, 2022. The property has 6,300 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $476 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 June 26, 2015, for $3.2 million. The signatory for Madison Realty Capital was Joshua Zegen. The signatory for Conway Capital was Abe Richard Cohen. The contract was signed June 28, 2022. The purchase was financed with a $1.645 million loan from Urban Standard Capital.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Conway Capital purchased 14 properties in 12 transactions for a total of $55.2 million and has no record it sold any properties over the past 24 months.
The seller Madison Realty Capital purchased 26 properties in 21 transactions for a total of $371.7 million and sold eight properties in six transactions for a total of $86.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Julia Rodriguez, head officer and Vesa Naka, site manager. The business entity is 350 5th Street Owner Llc. The 6,300-square-foot property generated revenue of $222,075 or $35 per square foot, according to the most recent income and expense figures.
The property
The 350 5th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $3.3 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 two housing violations and $400 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 five of the 12 commercial properties representing 23,348 square feet of the 57,962 square feet. The largest owner is Madison Realty Capital, followed by Greenbrook Partners and then Vincent J. Savino.
there are no active new building construction projects on this tax block.
the majority, or 58 percent of the 57,962 square feet of built space are mixed-use buildings, with walkup buildings next occupying 42 percent of the space.
The seller
The PincusCo database currently indicates that Madison Realty Capital owned at least 69 commercial properties in New York City with 2,504,968 square feet and a city-determined market value of $401.9 million. (Market value is typically about 50% of actual value.) The portfolio has $914.1 million in debt, with top three lenders as Signature Bank, Athene Annuity And Life Company, and FTLP LLC respectively. Within the portfolio, the bulk, or 52 percent of the 2,504,968 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 37 percent of the built space, is in Brooklyn, with Manhattan next at 33 percent of the space.
The buyer
The PincusCo database currently indicates that Conway Capital owned at least 34 commercial properties in New York City with 236,160 square feet 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.
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