24,000-SF Brooklyn Condo Carrying $15M Price Tag

BROOKLYN, NY-A commercial/retail condominium occupying the first and second floors of two attached buildings, 8622 Bay Pkwy. and 15 Bay 29th St. in Brooklyn, is on the market at an asking price of $15 million. Eastern Consolidated’s David Schechtman Esq., director, is spearheading the marketing initiative for the condominium, which spans two buildings on two floors and totals 24,000 sf.

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.”