242-250 PARKSIDE AVENUE Brooklyn NY 11226

As exclusive sales agent, Eastern Consolidated is pleased to present 242-250 Parkside Avenue (a.k.a. 715 Flatbush Avenue), a ±4,915 square foot, three-story corner mixed-use building. The Property is located on the southeast corner of Parkside Avenue and Flatbush Avenue in the Prospect-Lefferts Gardens neighborhood of Central Brooklyn.

The building is classified as an S9 Multiple Dwelling with Stores by the New York City Department of Buildings and is currently configured as ground floor corner retail space, a rear extension with a second retail store and two full-floor apartments on floors 2 and 3. With the exception of the ground floor extension retail space with frontage along Parkside Avenue, the corner retail space and two apartments will be delivered vacant at the time of sale.

The Property is located one block from Prospect Park and also within close proximity to several major Central Brooklyn employment centers including Kings County Medical Center, SUNY Downstate Medical Center and Brooklyn College. The building is also located within close proximity to subway service one block from the Q Parkside Avenue station and three blocks to the 2, 5 Winthrop Street station.

The offering presents investors and developers with the opportunity to acquire and reposition a corner mixed-use building along the vibrant Flatbush Avenue commercial corridor in Prospect-Lefferts Gardens. While there are no long-term or regulated leases in place, the building will be delivered with tenant Nelson’s Barber Shop, who operates out the ground floor extension retail space along the Parkside Avenue side of the building, in occupancy. This will allow the purchaser to collect income and offset expenses during the main structure’s renovation and repositioning. The Property is a protected tax class 2A building, which results in comparatively low annual tax bills and this classification limits increases to no more than 8% from the prior year or 30% over five years.