25 Units w/ 3 Stores on Fulton Street
4 Macon Street
Bedford-Stuyvesant
Closed 10/03/2017 at
$8,300,000
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718-395-1877
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of a prime mixed-use corner building in the Bedford-Stuyvesant neighborhood of Brooklyn. 4 Macon Street is one of the most prominent properties in Bedford-Stuyvesant. The property offers the extremely rare opportunity to have both a grand residential entrance on Macon Street for the residential tenants and a premier Fulton Street address for the retail tenants.
The 29,300 square foot, 25-unit property contains 22 residential units and 3 retail stores on Fulton Street.
- Huge Units: 20 of the units are large 2-BR’s that can be converted to 3-BR’s (the other 2 units are large 1 bedrooms). Two of the 2-BR’s units will be delivered vacant.
- Low Expenses: The property has 10 years left on a J-51 Tax Abatement and the retail tenants pay a portion of the tax bill and most of their utilities.
- Very Low Price/SF: The property is priced at $323/SF, which is extremely attractive for the location and building type.
- Upside In the Rents: There is enormous upside in the rents as the current gross income on the building is $468,375/year, but market rents for these units would be ~$940,000/year. The CAP Rate at asking price is 3.8%
- Expiring Regulatory Agreement: 11 of the units are under HPD regulatory agreement related to the income of the tenants. The agreement expires in 2024.
Attractions
The property is ideally located one block from the A/C train at Nostrand Avenue, allowing for easy access to Manhattan in about 15 minutes. The property is also located within very close proximity from some of the best national tenants in Brooklyn, including a brand new Planet Fitness location, 7-Eleven, GNC, The Children’s Place, Walgreen’s, etc. Macon Street contains some of the most beautiful brownstones anywhere in New York and is considered one of the most desirable residential blocks in the area.