How to convert a pandas DataFrame subset of columns AND rows into a numpy array?

Use its value directly:

In [79]: df[df.c > 0.5][['b', 'e']].values
Out[79]: 
array([[ 0.98836259,  0.82403141],
       [ 0.337358  ,  0.02054435],
       [ 0.29271728,  0.37813099],
       [ 0.70033513,  0.69919695]])