Self-Help Credit Union pays $2.6M for mixed-use in Bedford Stuyvesant

Self-Help Credit Union through the entity Self-Help Ventures Fund paid $2.6 million to Warren Hayes through the entity The Hayes Irrevocable Trust for the two-unit mixed-use building (S9) at 339 Macon Street in Bedford Stuyvesant, Brooklyn.
The deal closed on February 27, 2024 and was recorded on March 7, 2024. The property has 4,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $619 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 signatory for Warren Hayes was Warren Hayes. The signatory for Self-Help Credit Union was Martin D. Eakes. The contract date was April 12, 2023. Self-Help Credit Union is a nonprofit community lender. Warren and Clara Hayes bought the property in 1987.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Self-Help Credit Union had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Warren Hayes had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Bedford Stuyvesant has 4,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,099 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Bedford Stuyvesant / Expanded Stuyvesant Heights Historic District. The city-designated market value for the property in 2022 is $488,000.

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 four DOB violations, 12 housing violations, and $50 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 neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has 4 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 2nd highest in Brooklyn. For development, Bedford Stuyvesant has 2.6 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 11,600 square feet of the 52,792 square feet. The largest owner is Terrence Maynard, followed by Joseph Yaakovzadeh and then Joseph Anscher.
On the tax block, there was one new building construction project filed totaling 224 square feet. It is a 224 square-foot storage (S-2) building submitted by Johanna Robinson with plans filed March 26, 2022 and it has not been permitted yet.

The majority, or 76 percent of the 52,792 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

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