Clarkson Ave, Brooklyn, NY undefined

Premier Core+ Multifamily Investment in Prime Prospect Lefferts Gardens

Property Overview

Black Diamond Investment is pleased to present the exclusive offering of Clarkson Avenue, a newly constructed, luxury 93-unit multifamily apartment building located just steps from Prospect Park in Brooklyn, New York. Built in 2019 and first leased in 2021, this modern asset is a core-plus opportunity in one of Brooklyn’s most vibrant, transit-accessible neighborhoods.

Positioned on a large 16,400 SF lot, the property spans approximately 93,789 SF across 9 stories. The unit mix includes 56 one-bedrooms, 30 two-bedrooms, and 7 studios, with 28 designated as affordable housing, qualifying the property for a 33-year 421a tax abatement. The building is currently 97% leased with a stabilized NOI of $2.9 million and gross annual income of $3.3 million (including parking).

Residents benefit from luxury finishes, spacious layouts, and high-end building amenities, including a co-working lounge, fitness center with Peloton equipment, landscaped courtyard, media room, pet spa, bike storage, and secure package delivery facilities.

The building includes 25 on-site parking spaces, adding valuable recurring income. With its Class-A construction, premier location, and below-market in-place rents, this asset offers both stable yield and long-term upside through rent growth, amenity optimization, and assumable debt at favorable terms.

Location Highlights

Situated on Clarkson Avenue between Flatbush and Bedford Avenues, the property enjoys immediate access to Prospect Park, Brooklyn Botanic Garden, and the Brooklyn Museum. It is surrounded by a vibrant community rich in cultural diversity, local businesses, and new development.

The building sits within walking distance of multiple subway lines (Q, B, 2, 5 trains), providing direct access to Midtown Manhattan in under 30 minutes. This connectivity, coupled with a peaceful, tree-lined block and access to one of NYC’s most beautiful green spaces, makes it highly desirable for both working professionals and families alike.

Prospect Lefferts Gardens is experiencing a surge in demand and development, but supply remains limited due to zoning and landmark constraints — positioning Clarkson Avenue as a rare, stabilized Class-A opportunity in an appreciating market.

🔧 Property Details

• Address: Clarkson Avenue, Brooklyn, NY 11226

• Building Class: D1 (Elevator Apartments)

• Lot Size: 16,400 SF (82' x 200')

• Building Size: 93,789 SF

• Units: 93 Total (56 1BR, 30 2BR, 7 Studios)

• Affordable Units: 28 (under 421a program)

• Stories: 9

• Parking Spaces: 25

• Year Built: 2019

• Leasing Began: May 2021

• Current Occupancy: 97%

💰 Financial Snapshot

• Asking Price: $55,000,000

• Gross Income: $3,300,000

• Net Operating Income (NOI): $2,900,000

• Cap Rate: ~5.3%

• Loan Assumption: $39M loan @ 3.25% interest (assumable)

• Tax Abatement: 33-Year 421a

• Stabilized Core+ Investment with Upside

🏗️ Amenities & Features

• Central Air / Heating

• Floor-to-ceiling windows

• White oak hardwood flooring

• In-unit washer/dryer

• Designer kitchens with quartz countertops

• Stainless steel appliances

• Fitness center with Peloton studio

• Co-working space

• Landscaped courtyard and resident lounges

• Media/Billiards lounge with wet bar

• Pet spa & secure package room

• Bicycle storage

• 24/7 attended lobby