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Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to arrange the sale of The Lawrence (“The Properties”), a block through fully amenitized residential complex featuring: secure interior parking, private outdoor space for nearly all units, game room, fitness center, gigabit internet in all apartments, and a rooftop terrace. Located at 520 Parkside Avenue and 111 Clarkson Avenue in Prospect Lefferts Gardens, the properties are two blocks from Prospect Park. The two elevator buildings are comprised of 50 apartments which offer residents first in class amenities and condo quality finishes in one of the most popular neighborhoods in Brooklyn.
421a Tax Abatement: The Properties are beneficiaries of a 15-year 421a tax abatement with 12 years remaining, allowing for significant tax savings over the hold period, and market rate units following its expiration in 2034.
Condo Quality Finishes: Units at the Properties boast condo quality finishes and upgrades to craft an elegant and luxurious space. Details include Pella windows, character grade white oak floors, Bosch stainless steel appliances, custom cabinetry and in-unit washer and dryers.
Luxury Resident Amenity Package: The Properties hosts a best-in-class line of amenities that differentiates from and outperforms existing product in Prospect Lefferts Garden and its surrounding neighborhoods. It offers access to a tenant lounge with coworking area, a game room, a fitness center, a pet spa, a rooftop terrace, and gigabit internet in apartments and in common areas.
Unique Outdoor Spaces: In addition to nearly every unit having a large private balcony, the Properties uniquely offer a rooftop terrace outfitted with a sundeck, kitchenette and barbecue, full dining and lounge area, and custom pergola for shade.
Prime Location: The Properties are situated two blocks from Prospect Park which boasts 526 acres of vast green spaces, lakes, tennis courts and seemingly endless recreational opportunities. The Park is a popular attraction for visitors and New Yorkers alike, attracting roughly 8 million annually.
Core-Plus Opportunity: The Properties offer a plethora of first-in-class amenities including free gigabit internet in each unit, which could present the next owner with an opportunity to integrate a structured fee associated with the amenities package. A key fob access control system allows the owner to control access to the amenity spaces.
Superior Connectivity: Tenants have convenient access to 5 different subway lines (Q, B, 2, 5, S) and 4 bus lines (B16, B41, B48, B49) within a 10-minute walking radius. The Q train from Parkside Avenue provides streamlined access to Manhattan in just 25 minutes.
Robust Multifamily Fundamentals: Brooklyn is expected to achieve 11% rent growth and stabilize to 1.80% vacancy in 2022 as a result of growing demand and limited supply.