Mina Moussa pays $15.2M to Conway Capital for four buildings in Brooklyn

Mina Moussa paid $15.2 million to Abe Cohen’s Conway Capital for four buildings in Brooklyn including 74 1st Place in Carroll Gardens, 228 Livingston Street in Boerum Hill and 710 Degraw Street and 302 5th Street in Park Slope. Each building sale was a separate transaction.

In the first, Mina Moussa through the entity Turbo 74 1st Place LLC paid $5.2 million to Conway Capital through the entity 74th First Place Bkp Cc LLC for the four-unit 1-4 family building (C3) at 74 1st Place in Carroll Gardens, Brooklyn.
The deal closed on December 27, 2023 and was recorded on January 25, 2024. The property has 5,324 square feet of built space and 2,174 square feet of additional air rights for a total buildable of 7,497 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $981 and the price per buildable square foot is $697 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.)

In the second, Mina Moussa through the entity Turbo 228 Livingston Street LLC paid $4.4 million to Conway Capital through the entity 228 Livingston St Bkp Mm LLC for the two-unit mixed-use building (K4) at 228 Livingston Street in Boerum Hill, Brooklyn. The deal closed on December 27, 2023 and was recorded on January 25, 2024. The property has 4,290 square feet of built space and 9,501 square feet of additional air rights for a total buildable of 13,790 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,017 and the price per buildable square foot is $316 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.)

In the third, Mina Moussa through the entity Turbo 710 Degraw Street LLC paid $4.1 million to Conway Capital through the entity 710 Degraw St Bkp Cc LLC for the four-unit 1-4 family building (C3) at 710 Degraw Street in Park Slope, Brooklyn. The deal closed on December 27, 2023 and was recorded on January 25, 2024. The property has 3,938 square feet of built space and 1,890 square feet of additional air rights for a total buildable of 5,818 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,043 and the price per buildable square foot is $706 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.)

In the fourth, Mina Moussa bought 302 5th Street in Park Slope for $1.5 million.

The signatory for Conway Capital was Abe Cohen. The signatory for Mina Moussa was Mina Moussa. The contract date was April 25, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mina Moussa had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Conway Capital purchased five properties in five transactions for a total of $19.8 million and sold three properties in three transactions for a total of $16.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Abe Cohen, head officer and Eric Setton, officer. The business entity is 74th First Place Cc Llc. The 5,324-square-foot property generated revenue of $262,207 or $49 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in Carroll Gardens has 5,324 square feet of built space and 2,174 square feet of additional air rights for a total buildable of 7,497 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. 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 $1.7 million. The most recent loan totaled $11.5 million and was provided by Argentic Investment Management on May 6, 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 11 housing violations and $350 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 six of the 16 commercial properties representing 30,728 square feet of the 85,495 square feet. The largest owner is Scott Elgart, followed by Sarah Di Stefano Trustee and then Jonathan Holman.
On the tax block, there was one new building construction project filed totaling 10,974 square feet. It is a six-unit, 10,974 square-foot residential (R-2) building submitted by Robin Damaghi with plans filed July 12, 2023 and it has not been permitted yet.

The majority, or 84 percent of the 85,495 square feet of built space are walkup buildings, with mixed-use buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Conway Capital owned at least 50 commercial properties with 350 residential units in New York City. The portfolio has $147.1 million in debt, with top three lenders as Arbor Realty Trust, Argentic Investment Management, and Citibank respectively. Within the portfolio, the bulk, or 66 percent of the 228,372 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.

Correction: The total sale price and the number of properties was changed from $13.7 million with three properties to $15.2 million with four properties.

Direct link to Acris document. link