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a $900k, 8 unit brownstone shell on Macon near Nostrand — Brooklynian

a $900k, 8 unit brownstone shell on Macon near Nostrand

Comments

  • bohuma
    bohuma

    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.

  • whynot_31
    whynot_31

    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.

  • pragmaticguy
    pragmaticguy

    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.

  • whynot_31
    whynot_31

    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...

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