Buy & Hold (Multifamily): 80 Units, Long Island, NY (Class A) + $41,500,000
- Promise Land Realty
- Mar 27
- 3 min read
Multifamily Investment Opportunity
Price
$41,500,000
🚨 OFF-MARKET OPPORTUNITY 🚨🏢
Cornerstone Yorkshire – 80-Unit Class A Luxury Apartment Portfolio
📍 5 Freer Street, Lynbrook, NY – South Shore of Long Island
🌆 Just 30 minutes from NYC |
🛫 Only 6 miles from JFK Airport
💰 Pro Forma NOI: $2,318,485
💸 ASKING PRICE: $41,500,000
💎 PILOT Tax Abatement through 2042 = HUGE Tax Savings
🔥 THE CORNERSTONE YORKSHIRE 🔥This newly built (2021), stabilized, trophy asset is a rare opportunity to own luxury multifamily real estate in one of the most supply-constrained and affluent pockets of Long Island. This is your chance to acquire 80 units of turnkey cash flow in an institutional-quality asset.
🏘️ Unit Mix & Financial Snapshot:
80 Units: 28 Studios | 44 One-Beds | 8 Two-Beds
Avg Unit Size: 648 SF | Avg Rent: $2,835/mo
Gross Potential Rent (Yr 1): $2,813,240
Other Income (Parking, Pet, Amenities, etc.): $386,055
Effective Gross Income: $3,051,413
Total Expenses: $761,529
Year 1 NOI: $2,318,485
CAP RATE (Pro Forma): 5.59% 💥
💎 PILOT Tax Benefits:
Locked through March 2042
Year 1 Taxes: $263,804
Expense Ratio w/ PILOT: 25%
(vs. 43% at market tax rate)
🏆 LUXURY AMENITIES INCLUDE:
🏋️ Modern Gym + Outdoor Yoga Space
🔥 Landscaped Courtyard w/ Fire Pit & BBQ
☕ Clubroom w/ Fireplace, Wet Bar, Coffee Stations
🧠 Co-working Lounge
🚗 Covered Parking + EV Chargers
🐶 Pet-Friendly w/ Onsite Programming
🔐 Secure Building w/ Elevator Access
🌟 Interior Finishes:
Stainless Steel Appliances | Quartz Counters
LVT Flooring w/ Sound Mat | High Ceilings
In-Unit Washer/Dryer | Private Decks (select units)
Walk-In Closets | Soft-Close Cabinetry
🧩 WHY SELL NOW?The developer is exiting this asset as part of a portfolio repositioning into larger mixed-use and life science developments. Cornerstone Yorkshire was always intended as a build-to-stabilize-to-sell play, and it has fully achieved performance targets.
With rents outperforming and a PILOT tax abatement in place until 2042, this asset is perfectly positioned for a new owner to enjoy steady, low-risk cash flow in a high-barrier, high-income market—with average area household income of $173K+ within a 1-mile radius.
This is not just a stabilized asset—it’s a generational opportunity to acquire premium real estate in a tax-protected structure minutes from NYC.
📩 Submit All Offers & Inquiries Directly To:📧 investments@promiselandrealtyllc.com
🛑 TEAM PROMISELAND DISCLAIMER 🛑All property details, marketing copy, images, and associated documents are proprietary to TEAM PROMISELAND. Unauthorized marketing, sharing, or reposting is strictly prohibited. Any violation of this policy will result in a $500 fine per occurrence and possible legal action. Only TEAM PROMISELAND members and affiliates may market our listings. Respect the movement. 💼🔒
Property Map
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Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT—unauthorized marketing will result in a $500 fine. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top. PROMISELAND REALTY has maintained over $50 Billion in off-market real estate assets for the last 7 years.
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