Investment Overview

Marcus & Millichap is pleased to present the exclusive listing located at 520 Parkside Avenue & 111 Clarkson Avenue, also knows as “The Lawrence”, located in the Prospect – Lefferts Gardens section of Brooklyn, NY. The property is currently built eight-stories with a blend of fireproof steel construction & brick, located on both Parkside Avenue & Clarkson Avenue (Block: 04828; Lot: 0006). The building is built approximately 50,136 gross square feet and sits on a combined 12,132 square foot lot. This is a unique opportunity to own two stunning newly constructed (2019) elevator buildings located in the sought-after Prospect Lefferts Gardens neighborhood of Brooklyn, NY. Each unit offers spacious layouts, ranging from studios to three bedrooms, each offering private terraces and high-end finishes and appliances, providing ample living space for tenants. This will keep turnovers low and cashflow high. Nestled on Parkside Ave, this building is surrounded by a vibrant community, offering easy access to local shops, restaurants, and recreational activities. The building's central location provides convenient access to transportation, making commuting a breeze. This property is currently benefitting from a 15-year, 421A Tax Abatement, which ends in 2034. The abatement allows investors to benefit from rent growth while being protected from large increases in expenses. The property is located within one block of the Parkside Q Train & Winthrop 2 & 5 Train &. The Residents of Prospect – Lefferts Gardens call it Brooklyn's best-kept secret. Also known for its lush, leafy streets and spectacular collection of intact 19th and 20th Century homes. The Neighborhood is bordered by popular attractions such as the Brooklyn Museum, Prospect Park, Brooklyn Botanical Garden & Little Caribbean, where you can find an array of restaurants and shopping.