New York & Tri-State + Outer + Apartments | May 18, 2022

Conway Capital acquired an apartment property at 60 Diamond St. in Brooklyn, with financing by Urban Standard Capital

Conway Capital Expands Brooklyn Holdings with Greenpoint Deal

Abe Cohen’s Conway Capital has closed on the purchase of a six-unit multifamily building in Brooklyn’s Greenpoint neighborhood for $3.026 million.

The three-story, 4,500-square-foot building, at 60 Diamond St., was built in 1931. It sold for a stabilized 5.61% cap rate, at $500,000 per unit.

Urban Standard Capital (USC) 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. The Brooklyn Heights-based company owns and manages 26 properties in the Brooklyn market.

Venture Capital Properties broker Josh Malekan represented the seller, Diano Diamond LLC.

The financing represented Conway Capital’s sixth loan with USC. “Because of the strong relationship, we were able to close this loan two weeks from term sheet signing,” said USC’s Sam Hollander

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).