Brooklyn, NY According to Nir Mor, Conway Capital has purchased two mixed-use buildings located at 178-180 Atlantic Ave. for $7 million. Mor was the broker for the transaction.
178-180 Atlantic Ave. is located in Cobble Hill neighborhood between Court and Clinton Sts. 180 Atlantic Ave., built in 1873, features the only cast iron façade on the block.
Both properties had been previously owned for over 40 years in their respective families. The properties were delivered partially vacant creating an opportunity to add significant value for the new owner, Conway Capital.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,