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http://www.terracrg.com/setups/91_Macon_Street.pdf
Wow, have times changed in that area.
For better or worse, the change on Nostrand is going to make the change on Franklin look minor.
Brooklynian » Forum » Fort Greene, Clinton Hill, Bed-Stuy »
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Given the floor sizes, if you split it up into eight apartments, they'd be tiny. I hope someone buys it for a single family.
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I am not sure the area has changed to degree that it is attracting single families at that level of wealth.
I agree with TRG, this property is could work as small market rate rentals, or as condos.
....an additional $1M would likely be required to put everything needed in. I suspect nothing inside the walls can be saved.
For better or worse, the change on Nostrand is going to make the change on Franklin look minor. -
I suspect this building is a former SRO building and that's why it's listed as 8 units. At best I would think this will become a four family but with the architects fees and the renovations the rents are going to have to be quite high.
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It looks like a whole floor in that area will rent for about $2600 a month.
http://www.walkscore.com/apartments/details/nostrand-ave-and-macon-st-brooklyn-ny-11216
So, as stated this building will generate about 125k in revenue a year. If one spent about $2M to get it renter ready level, they might be able to cover mortgage, utilities and opportunity costs...
For better or worse, the change on Nostrand is going to make the change on Franklin look minor.
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