Brownstone Building with 4 Free Market Units
739 Quincy Street
Bedford-Stuyvesant
Closed 07/31/2015 at
$1,300,000
I would like to be contacted:
718-395-1877
Want Matthew to contact you?
I would like to be contacted:
Google MapsDetails
Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building located at 739 Quincy Street in the Bedford Stuyvesant neighborhood of Brooklyn.
The building is located on Quincy Street between Malcom X Boulevard and Patchen Avenue and is just 2 blocks away from both the J and Z subway stations.
The four story brownstone building consists of 4 free market units. The entire building is renovated and will be delivered vacant. Each unit is a large one bedroom and two of the units have access to the backyard and a large terrace. The property also has an additional ~534 SF of buildable rights.
The building is in excellent condition: new roof (2010); new electrical system (2010); new gas boiler (2010); new hot water heater (2014) and all the units were redone in 2010 and are well maintained.
When fully occupied the property has projected income of $82,00/year and the property does not require renovation to achieve that rent roll.
The property is ideally located approximately 2 blocks from the Gates Avenue J & Z trains. The building is also located near many new exciting restaurants, bars, cafes and apparel stores that are opening to meet the needs of the influx of new residents to the area; including L’Antagoniste (a new French Restaurant); Khemistry Bar & Restaurant and L.Y.F.E Clothing Shop
Attractions
Beginning in the 200os, Bedford Stuyvesant began to experience gentrification. The two significant reasons for this were the affordable housing stock consisting of brownstone rowhouses located on quiet tree-lined streets and the marked decrease of crime in the neighborhood. In addition a major business improvement district has been under way along the Fulton and Nostrand corridor with redesigned streetscape to include: new street trees, street furniture, pavers, signage and improved cleanliness in an effort to attract more business investment.