A source close to the deal tells GlobeSt.com that the seller is Glory Capital, a New York City-based real estate concern. The condo has a dedicated street entrance, lobby and elevator access to the second floor and basement parking garage.
"This offering is ideal for a buyer who wants stable cash flow with tremendous future upside," notes Schechtman. "Because the majority of the tenancies, all triple net leases, are well below market rates, affording the new owner an opportunity to raise rents in two to three years' time when many of the leases expire. Moreover, in light of the recent volatility in the debt markets, the property's transferable below-market financing makes it even more attractive."
The space at 8622 Bay Pkwy. totals 16,400 sf, 9,500 sf of which is divided between the ground-floor tenants with 120 feet of Bay Parkway frontage. The commercial condo space at 15 Bay 29th St. contains 3,800 sf and 4,200 sf on the ground and second floors respectively. The condo is currently 84% leased and tenants include Doral Bank, Quest Diagnostics, Long Island Jewish Medical Center and several other medical concerns.
"Another value is that the ground-floor space at 15 Bay 29th St., which runs the depth of the building, is currently vacant," adds Schechtman. "And could be connected leased to one tenant or further divided because of its multiple entrances."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
