Highcap Group arranged the first sale in over 20 years of 137 MacDonough St. in the Bedford-Stuyvesant section of the borough. Laurence Ross, a managing principal and Daniel Hakimian, an investment sales associate, arranged the transaction, which sold for $2.1 million. Located on between Tompkins and Throop Aves., the property is a four-story walk-up with eight large three-bedroom railroad-style apartments.
Ross said, "With a below market average rent of $985 per month, this opportunity presented tremendous upside to the purchaser with rents projected north of $3,000." The turn of the century property is located in the Stuyvesant Heights section, well located near the A and C train lines. Hakimian said, "This is a vibrant neighborhood with a cool vibe and strong sense of community where every day brings a new hip bar-lounge, café or boutique shop."