Property History
Property Type
Property Type
Marketing Description
Cushman & Wakefield has been retained on an exclusive basis to sell The Brooklyn Legacy Portfolio, the second largest portfolio of multifamily buildings ever offered in New York City and the largest the outer boroughs have ever seen. In total, the portfolio is comprised of 57 transit-oriented properties, 467 units, and approximately 430,615 SF. The properties are located in Brooklyn’s most desirable neighborhoods and Long Island City, allowing an investor to establish an immediate foothold in the outer boroughs. Each asset included in the portfolio is unique and collectively they present investors with immediate value-add upside, stabilized yield, and long-term growth. The magnitude of scale being offered in this portfolio has never been available before, positioning The Brooklyn Legacy Portfolio as a truly one-of-a-kind investment opportunity.
Collectively, the portfolio is yielding over $12.5 million in annual gross revenue. The portfolio’s 467 units are split between 432 residential apartments and 35 commercial units. The residential unit mix is consists of one (1) studio, thirty-three (33) one-bedroom, two hundred fifty-three (253) two-bedroom, one hundred twenty-five (125) three-bedroom, and twenty (20) four-bedroom apartment units. A total of 311 units, or approx. 72% of the residential units, have been gut-renovated to a high standard. The remaining 121 residential units, or approx. 27% of the residential units, are subject to rent regulation and have not been renovated to cater to the prevailing demand of the surrounding market.
Collectively, the portfolio is yielding over $12.5 million in annual gross revenue. The portfolio’s 467 units are split between 432 residential apartments and 35 commercial units. The residential unit mix is consists of one (1) studio, thirty-three (33) one-bedroom, two hundred fifty-three (253) two-bedroom, one hundred twenty-five (125) three-bedroom, and twenty (20) four-bedroom apartment units. A total of 311 units, or approx. 72% of the residential units, have been gut-renovated to a high standard. The remaining 121 residential units, or approx. 27% of the residential units, are subject to rent regulation and have not been renovated to cater to the prevailing demand of the surrounding market.
Investment Highlights
- The second largest portfolio of multifamily buildings ever offered in New York City and the largest the outer boroughs have ever seen, making it a truly one-of-a-kind investment opportunity
- Large scale portfolio consisting of 57 buildings, 467 units, and 430,615+ SF offers the ability to secure an immediate foothold in the outer borough’s most dynamic and supply constrained markets
- Properties are centrally located throughout Brooklyn’s most desirable neighborhoods that have experienced gentrification following the trajectory of Manhattan’s East Village and Lower East Side
- Economies of Scale provides management efficiencies and promotes the longevity of a healthy expense ratio
- 37 of the properties possess the favorable 2A or 2B tax class status, capping the annual real estate tax assessment increase to a maximum of 8% per annum and 30% over a five year period
- Significant upside available in non-renovated units, which represents roughly 1/3 of the total residential units
- Low-FAR neighborhoods, which are cost prohibitive for new development, are prime for condo conversion where borough-wide average pricing exceeds $1000 PPSF and demand greatly outpaces supply
- Limited exposure to any particular market through strategic geographical diversification
- Every asset is conveniently transit-oriented and ideally located in a solidified residential market
Loan History
Financial History
Tax History
Contact Information
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Ownership Information
Zoning
M1-2 IndustrialLight IndustrialLight Manufacturing High Performance
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View all 255 uses Last updated Apr 22, 2026 For deeper zoning details, reports are available at Zoneomics
Property Details
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Contacts
Listing removed on
BY:
DJ Johnston PRO
•••.•••.7422
••.••••ston@••••••••.com
Listing removed on
BY:
Stephen Palmese
•••.•••.7233
•••••••.•••mese@•••.com
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