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
About this deal
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