Rajeev Kumar Goyal pays $3M to City Line Properties for 3-family in Bedford Stuyvesant

Rajeev Kumar Goyal through the entity IX Estate, LLC paid $3 million to City Line Properties Development through the entity Maycan Homes LLC for the three-family building (C0) at 226 Macon Street in Bedford Stuyvesant, Brooklyn.
The deal closed on February 29, 2024 and was recorded on March 29, 2024. The property has 3,696 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $804 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on June 23, 2022, for $1.3 million. The signatory for City Line Properties Development was Siamak Darouvar. The signatory for Rajeev Kumar Goyal was Rajeev Kumar Goyal. The contract date was February 13, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rajeev Kumar Goyal had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller City Line Properties Development had not purchased any other properties and sold two properties in two transactions for a total of $5.1 million over the same time period.

The property

The building with 3 residential units in Bedford Stuyvesant has 3,696 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 80 feet deep with a total lot size of 1,679 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties and $1,250 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 80,538 square feet of the 97,331 square feet. The largest owner is Sugar Hill Capital Partners, followed by Joshua Gold and then Henrica Management.
On the tax block, there was one new building construction project filed totaling 6,025 square feet. It is a eight-unit, 6,025 square-foot residential (R-2) building submitted by Matan Hacohen with plans filed February 4, 2015 and it has not been permitted yet.

The majority, or 56 percent of the 97,331 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

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