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Approved four-unit luxury condo conversion in a Clinton Hill/Bed-Stuy brownstone with 6,000 square feet and $7M+ projected sellout. Prime Brooklyn location offering exceptional investment potential with low carrying costs and strong comparable sales. Currently, 4 apartments are for sale.
118 Madison Street is a legal two-family brownstone located on the border of Clinton Hill and Bedford-Stuyvesant. The building currently has approved plans for a four-unit high-end condominium project, which will include a massive penthouse triplex, two duplexes, and a two-bedroom garden apartment. The total build is projected to be 6,000 square feet, with a potential sell-out exceeding $7,000,000. This presents a unique opportunity for developers, as comparable sales in the area are upwards of $1,200 per square foot.
The penthouse at 118 Madison Street offers over 1,500 square feet of living space, complemented by an 800+ square foot private rooftop. The main level features a spacious living room with oversized windows, two bedrooms, a full bathroom, and a chef's kitchen equipped with premium appliances. A private staircase leads to a third primary suite with its own terrace, enhancing the home's appeal as an indoor-outdoor sanctuary.
Residence Two, another offering in the building, is a two-bedroom, two-bathroom home that boasts a large private balcony and a thoughtfully designed layout. The kitchen features stainless steel appliances and custom cabinetry, while the living area is flooded with natural light. Both residences benefit from remarkably low common charges and taxes, making them attractive options in a vibrant neighborhood.
With its prime location and potential for significant appreciation, 118 Madison Street stands out as a promising investment in one of Brooklyn's most sought-after areas, surrounded by restaurants, parks, and convenient transportation options.
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