Mark Koplowitz pays $10.6M to Conway Capital for 8-unit walkup in Boerum Hill

Mark Koplowitz through the entity Markland 18 LLC paid $10.6 million to Conway Capital through the entity Atlantic Avenue Portfolio CC LLC for the eight-unit residential walkup building (C7) at 218 Atlantic Avenue in Boerum Hill, Brooklyn.
The deal closed on March 20, 2024 and was recorded on March 28, 2024. The property has 13,112 square feet of built space and 313 square feet of additional air rights for a total buildable of 13,446 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $808 and the price per buildable square foot is $788 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 January 6, 2021, for $9 million. The signatory for Conway Capital was Abe Cohen. The signatory for Mark Koplowitz was Mark Koplowitz. The contract date was October 19, 2023. Mark Koplowitz assumed an $8,250,000 mortgage held by BBCMS Mortage Trust 2021-C11, aka Series 2021-C11. Mark Koplowitz is also known as Moishe Koplowitz.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mark Koplowitz purchased two properties in two transactions for a total of $9.8 million and sold three properties in one transaction for a total of $2.5 million over the past 24 months.
The seller Conway Capital purchased five properties in five transactions for a total of $19.8 million and sold six properties in six transactions for a total of $30.1 million over the same time period.

The property

The residential walkup building with 8 residential units in Boerum Hill has 13,112 square feet of built space and 313 square feet of additional air rights for a total buildable of 13,446 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 73 feet deep with a total lot size of 4,482 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.3 million. The most recent loan totaled $8.2 million and was provided by Taurus Asset Management on July 9, 2021.

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 three DOB violations, eight housing violations, and $100 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 seven of the 14 commercial properties representing 64,728 square feet of the 156,859 square feet. The largest owner is Saleh Mugalli, followed by Owen Realty and then Conway Capital.
On the tax block, there were two new building construction projects totaling 10,786 square feet. The largest is a three-unit, 5,512 square-foot residential (R-2) building submitted by Nicola Quinoes with plans filed March 31, 2014 and permitted January 5, 2016. The second largest is a four-unit, 5,274 square-foot residential (R-2) building submitted by Farhad Bokhour with plans filed December 15, 2020 and it has not been permitted yet.

The majority, or 63 percent of the 156,859 square feet of built space are mixed-use buildings, with walkup buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Conway Capital owned at least 30 commercial properties with 276 residential units in New York City with 215,048 square feet and a city-determined market value of $73.2 million. (Market value is typically about 50% of actual value.) The portfolio has $151.1 million in debt, with top three lenders as Arbor Realty Trust, Citibank, and LMF Commercial respectively. Within the portfolio, the bulk, or 70 percent of the 215,048 square feet of built space are walkup properties, with mixed-use properties next occupying 22 percent of the space. The bulk, or 56 percent of the built space, is in Brooklyn, with Manhattan next at 44 percent of the space.

The buyer

The PincusCo database currently indicates that Mark Koplowitz owned at least four commercial properties with seven residential units in New York City with 32,564 square feet and a city-determined market value of $3.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 85 percent of the 32,564 square feet of built space are industrial properties, with walkup properties next occupying 15 percent of the space. The bulk, or 57 percent of the built space, is in Queens, with Bronx next at 28 percent of the space.

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