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118 Madison St., Brooklyn, NY 11216

$2,600,000
Active Listing
Listing Details:
$2,600,000 Price
Multi-Family Townhouse Property Type
Bed Stuy Neighborhood
5 Beds
3 Baths
3,040 Approx. Sq. Ft.
$365 RET
Key Features:
Prewar
Allows Pets
Unit Garden
Description:

118 Madison Street is currently a legal two-family brownstone positioned perfectly on the boarder of Clinton Hill and Bed-Stuy. The current owners have plans approved for the construction of a four-unit high end ultra-luxury condominium project. The building you see in the rendering is the finished product and is comprised of a massive penthouse triplex, two huge duplexes and a walk in two-bedroom garden apartment. The total build is 6,000 square feet and the projected sell out is over $7,000,000. This building is being sold as is with all plans and filings that have been done already. The owners are also open to a Joint Venture, recent comparable sales for condos in the neighborhood are upwards of $1,200 a square foot. This could also be developed and held to collect rent for as long as you see fit, we believe a finished product could pull in over $20,000 a month in rent. Buy it now, develop and hold it and if you so choose later on convert it to condos and sell them. This is a great opportunity for the right developer and will pay dividends as time goes on. This is an excellent location on the boarder of two of Brooklyn's most popular neighborhoods.

Listing courtesy of Compass

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