Abe Cohen’s Conway Capital has closed on the purchase of a Brooklyn six-unit multi-family building in the prime section of Greenpoint for $3.026 million.
The three-story, 4,500 sq. ft. building, at 60 Diamond Street, was built in 1931. It sold for a stabilized 5.61 percent cap rate, at $500,000 per unit.
Urban Standard Capital delivered a $2.45 million acquisition loan to Conway to purchase the building.
Conway Capital plans to renovate the units with cosmetic upgrades, and redo the hallways and facade with new modern finishes.
Venture Capital Properties, VCP broker Josh Malekan represented the seller, Diano Diamond LLC.
Conway presently owns and manages 26 properties in the Brooklyn market.
Cohen founded the real estate and capital investment company in 2016 and has acquired more than 45 buildings and 500 apartments in New York City and Brooklyn with a total market value of over $400 million. The company’s headquarters are based in Brooklyn Heights.
On the financing, this was Conway Capital’s sixth loan with Urban Standard Capital, USC. “Because of the strong relationship, we were able to close this loan two weeks from term sheet signing,” said USC’s Sam Hollander
