Cosentino and Satanovsky of TerraCRG complete $1.235 million sale of four-story 806 Macon Street

TerraCRG, one of Brooklyn's leading commercial real estate brokerage firms, closed on the sale of the multifamily building located at 806 Macon St. in the Bedford Stuyvesant neighborhood of the borough. Vice president of investment sales Matthew Cosentino and associate Eric Satanovsky represented the seller and sold the property for $1.235 million. The four-story, six-unit brick building is located between Howard Ave. and Saratoga Ave. The property consists of two-bedroom units and the entire right side of the building (units 1R, 2R and 3R) was delivered vacant at the time of sale. The well-maintained building has very low expenses as there are separate gas boilers for each unit. The property is located directly across from Saratoga Square Park and each unit features park views. Saratoga Square Park is the second largest park in Bedford Stuyvesant and recently underwent a $200,000 renovation which included new landscaping, playground equipment and fencing. The property is surrounded by various new restaurants, bars and cafés which have opened in the immediate vicinity. The new made-from-scratch bakery Sweet Lee's is just one block away and the highly acclaimed Saraghina Restaurant and newly-opened Casablanca Bar are located nearby. The building is just three blocks from the Halsey Street J subway station, and is in close proximity to the Ralph Avenue C station. "This building sold for an aggressive $289/SF considering there are three rent-stabilized tenants," said Cosentino, Vice President of Investment Sales at TerraCRG. "The property has tremendous upside on the rent roll, as the occupied units are rented well below market rate at only $800-$900/month." "Furthermore, this sales shows the continuing emergence of the Ocean Hill section of Bedford Stuyvesant. Once considered a less desirable sub-neighborhood of Bed-Stuy," he adds, "the increasing rents and retail offerings indicate that this area is becoming an investor target for rehab projects and ground-up developments."