Conway stores scion Abe Cohen has closed on a $2.3 million acquisition loan for a mixed-use building on the corner of Montague and Henry Street in Brooklyn Heights that was recently purchased for $2.8 million.
Urban Standard Capital (USC) delivered the 12-month financing to Conway Capital and its partner Davean Holdings to gut and upgrade some of the three-story building’s nine residential units with high-end finishes for luxury rental use. Abe Cohen, the chairman and CEO of Conway Capital, founded the Brooklyn-Heights based real estate company in 2016 and has acquired more than 15 buildings and 400 apartments in New York and Israel with a total market value of over $250 million.
The three-story, 8,022-square-foot building at 128 Montague Street features ground-floor and second-floor retail. The building currently houses Pinto, a Thai restaurant on the ground floor and Conway Capital has secured a lease with DEO Eyewear, an eyewear company for the second floor.
“This loan was unique in that the sponsor’s previous lender fell through at the last minute, giving USC only four business days from the signing of the term sheet to close the loan before the sponsor’s contract on the purchase expired,” said USC’s Sam Hollander.
Cohen is the grandson of Abe Cohen, who, along with his brother David Cohen, founded Conway Stores. Abe’s father, Ricky, took over the chain in 1981 and later sold it to National Stores.
