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 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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