Eili Blaleh pays $4.3M to Conway Capital for 4-family in Williamsburg

Eili Blaleh through the entity 199 N 6th Realty LLC paid $4.3 million to Conway Capital through the entity 199 N6th LLC for the four-unit building (C3) at 199 North 6th Street in Williamsburg, Brooklyn.
The deal closed on September 29, 2023 and was recorded on October 5, 2023. The property has 3,520 square feet of built space and 879 square feet of additional air rights for a total buildable of 4,398 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,214 and the price per buildable square foot is $972 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 October 20, 2022, for $3.1 million. The signatory for Conway Capital was Abe Cohen. The signatory for Eili Blaleh was Eili Blaleh. The contract date was August 23, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eili Blaleh purchased one property in one transactiond for a total of $3.5 million and has no record it sold any properties over the past 24 months.
The seller Conway Capital purchased six properties in six transactions for a total of $27.8 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development include Abe Cohen, head officer and Jay Gelb, site manager. The business entity is 199 N 6th Street Cc Llc.

The property

The building with 4 residential units in Williamsburg has 3,520 square feet of built space and 879 square feet of additional air rights for a total buildable of 4,398 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,199 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 $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $62,500 in ECB penalties and $725 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 eight of the 19 commercial properties representing 52,165 square feet of the 96,929 square feet. The largest owner is Teddy Golaszewski, followed by Moaath Y. Alsayedi 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 seller

The PincusCo database currently indicates that Conway Capital owned at least 35 commercial properties with 298 residential units in New York City with 236,592 square feet and a city-determined market value of $80.8 million. (Market value is typically about 50% of actual value.) The portfolio has $153.2 million in debt, with top three lenders as Arbor Realty Trust, Argentic Investment Management, and Citibank respectively. Within the portfolio, the bulk, or 65 percent of the 236,592 square feet of built space are walkup properties, with mixed-use properties next occupying 22 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 buyer

The PincusCo database currently indicates that Eili Blaleh owned at least one commercial property with five residential units in New York City with 4,400 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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