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A blog for breaking sales and neighborhood real estate news.

A multifamily building at 216 Macon Street, located between Tompkins and Throop Avenues in the Bedford-Stuyvesant neighborhood of Brooklyn, was sold in a transaction valued at $2,400,000.

The four-story, pre-war building is approximately 15,888 square feet and sits on a 57.5’ x 80’ lot. The meticulously maintained, turn-key building contains 17 residential units. There is a computerized electronic key system, brand new dual use gas/oil burner for superior heat efficiency, and a new skylight. The building is ideally located in the Stuyvesant Heights Landmark District and just two blocks from the C train. The sale price equates to approximately $151 per square foot.

“The sale price, which was executed by a Turkish investment group, is 20% north of the best offers we received for this building in 2009, a time when the market in Central Brooklyn was dominated by investors requiring significant value-added opportunities along with heavy discounts,” said Massey Knakal Director of Sales Michael Amirkhanian who exclusively handled this transaction. “Today, owners of well-managed properties that offer reasonable returns should be comforted that patient investors have returned to this market and are willing to pay a premium for a great asset," added Amirkhanian.

Click here for press release

Neighborhoods: Bedford Stuyvesant