Conway Capital signs $15.5M refi with Citibank for four properties in NYC
Conway Capital through the entity 197 East 7th CC Owner LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $15.5 million for four properties including the 16-unit residential walkup building at 419 16th Street in South Slope, Brooklyn, four-unit 1-4 family building at 764 Union Street in Park Slope, Brooklyn, and 10-unit residential walkup building at 197 East 7th Street in Alphabet City, Manhattan.
The deal closed on January 18, 2022 and was recorded on January 28, 2022. The prior lender was Urban Standard Capital which held debt that had an original loan amount of $3.4 million.
The four properties have 27,532 square feet of built space and 4,371 square feet of additional air rights for a total buildable of 28,256 square feet according to PincusCo analysis of city data. The loan price per built square foot is $562 and the price per buildable square foot is $548 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 Conway Capital was Abe Cohen. The signatory for Citibank was Tina Lin.
Out of the four properties, two with a total of 27,532 square feet of built space generated revenue of $594,110 per year.
Abe Cohen is the founder of Conway Capital.
In South Slope, the bulk, or 42 percent of the 9.4 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, South Slope has 1.2 times the average sales volume among other neighborhoods with $322.9 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, South Slope has had very little major development activity relative to other neighborhoods. It had 91,369 square feet of commercial and multi-family construction under development in the last two years, which represents 0.98 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 65 percent of the 323,754 square feet of built space are residential walkup buildings, with walkup buildings next occupying 19 percent of the space.
Within a 400-foot radius of 419 16th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Conway Capital bought the 11,668-square-foot, 16-unit rental (C1) on 423 16th Street for $8 million from Richard Giancola, Gregory Giancola, and Robert Giancola on December 9, 2021.
One of those two items was a loan which Meadow Partners borrowed $43.5 million from Fortress Investment Group secured by the 9,577-square-foot, five-unit mixed-use building (S9) on 1503 8th Avenue and 11 other properties on January 4, 2022.
Direct link to Acris document. link