Gastroenterology Associates Of Brooklyn Acquires Mixed-Use Properties From Robert Spitalnick For $10M
8622 Bay Parkway
$8,500,000
$273/SF
Building Size
31,100 SF
Asset Type
Mixed-use
Closing
Apr 16, 2025
AI
The transaction involved two adjacent properties located at 8622 Bay Parkway and 15 Bay 29th Street in Bath Beach, Brooklyn. The properties comprise a mixed-use building with a total square footage of 31,100. The buyer, Gastroenterology Associates of Brooklyn, acquired the properties for a total sale price of $10,000,000, with the mixed-use building at 8622 Bay Parkway being sold for $8.5 million.
Summary of transation details:
- Property Type: Mixed-use
- Transaction Amount: $10,000,000
- Buyer: Gastroenterology Associates of Brooklyn
- Seller: Robert Spitalnick - Birchwood Properties
- Sale Price of 8622 Bay Parkway: $8,500,000
- Square Footage: 31,100
- Price per Square Foot: $273
- Market: Bath Beach, Brooklyn
Robert Spitalnick, representing Birchwood Properties, facilitated the sale to Gastroenterology Associates of Brooklyn. This transaction reflects a strategic acquisition for the buyer within the Brooklyn market.
Brooklyn Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93