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 Bed-Stuy and 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 SF, 25-unit property contains 22 residential units and 3 retail stores on Fulton Street. 20 of the units are large 2-BR's that can be converted to 3-BR's, and 2 of them will be delivered vacant. The other 2 units are large 1-BR's.
The property has 10 years left on a J-51 tax abatement and the retail tenants pays a portion of the tax bill and most of their utilities. The property is priced at $323/SF, which is extremely attractive for the location and building type. 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. 11 of the units are under HPD regulatory agreement related to the income of the tenants. The agreement expires in 2024.
The property is ideally located 1 block from the A/C trains 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 blocks in the area.
