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Successful Sale of 8758 Bay Parkway and 159 Bay 29th Street in Bath Beach, Brooklyn
Bob Knakal and his team successfully facilitated the sale of 8758 Bay Parkway and 159 Bay 29th Street, a two-building, 65-unit walk-up multifamily package located in the residential neighborhood of Bath Beach, Brooklyn. This transaction reflects strong investor appetite for large-scale rent-generating buildings in transit-accessible, high-demand neighborhoods of South Brooklyn.
Sold for $8,800,000, the properties attracted significant interest due to their scale, cash flow potential, and location near transit and shopping. This deal was brokered by Bob Knakal.
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Sale Details
The two-building package traded for $8,800,000, equating to $130.79 per square foot on a combined 67,284 buildable square feet.
- Buyer: Yusuf Bildirici
- Seller: Frank Patafio and The Praedium Group
- Seller Type: Institutional
- Sale Date: February 29, 2008
Key Highlights:
- Two multifamily walk-up buildings totaling 65 residential units
- Combined square footage of 67,284 SF
- Strong in-place cash flow
- Competitive pricing at just over $130 per SF
- Located in a stable, family-oriented neighborhood with proximity to major amenities
Property Details
Positioned near the intersection of Bay Parkway and Bay 29th Street, these properties sit at the heart of Bath Beach, a quiet residential enclave in southern Brooklyn known for its low turnover and steady rental demand.
Full Address: 8758 Bay Parkway & 159 Bay 29th Street, Brooklyn, NY 11214
Bath Beach is part of the Bensonhurst/Bath Beach submarket, which remains desirable due to its accessibility via the D train, diverse population, and low vacancy rates. The area offers a strong tenant base, particularly for multifamily assets offering affordable units.
Investment Highlights:
- Year Built: Buildings were originally constructed prior to 2008, reflecting solid structural conditions and steady occupancy
- Stories: Typical walk-up configuration with 3-5 stories
- Units: 65 rental apartments across both buildings
- Zoning: Permits continued multifamily use; ideal for long-term investment
- Lot Size: Combined lots provide ample frontage for both buildings
- Square Footage: 67,284 BSF
Market Strategy and Positioning
Despite occurring in 2008, the transaction reflects investment confidence in multifamily walk-ups in Brooklyn neighborhoods with strong transit connections and neighborhood stability. Bath Beach, in particular, continues to attract investors seeking safe, yield-generating properties with long-term upside.
At a time when market uncertainty prevailed nationally, local market knowledge and direct broker relationships were instrumental in completing this sale. The pricing reflected both the scale of the asset and the long-term value of stable tenancy and strong occupancy.
Neighborhood Overview
Bath Beach offers a mix of quiet charm, family-friendly streets, and easy access to Brooklyn’s most important commercial corridors. It remains a sought-after neighborhood for tenants and investors alike.
Nearby Attractions:
- Bensonhurst Park: A sprawling waterfront park just blocks away from the property, featuring tennis courts, walking paths, and playgrounds. The park is a community anchor, offering residents an outdoor escape with views of the Verrazzano-Narrows Bridge.
- Caesars Bay Shopping Center: A major retail complex housing stores like Best Buy, Kohl’s, and Modell’s Sporting Goods. Located along the Belt Parkway waterfront, it’s a regional retail destination for Southern Brooklyn residents.
- Bay Parkway Corridor: Lined with local bakeries, restaurants, grocery markets, and small businesses serving the neighborhood’s Italian, Chinese, and Russian populations. Offers strong foot traffic and community activity.
- D Train (Bay Parkway Station): Provides direct access to Midtown Manhattan in under an hour, a critical feature supporting long-term rental demand and tenant stability.
Conclusion
The sale of 8758 Bay Parkway and 159 Bay 29th Street demonstrates the resilience of the Bath Beach multifamily market and the continuing demand for cash-flowing walk-up assets in Southern Brooklyn. Bob Knakal’s expertise in neighborhood-specific transactions and deep buyer relationships led to a timely and successful sale for both parties.
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Frequently Asked Questions
Q1: What type of property was sold at 8758 Bay Parkway and 159 Bay 29th Street?
These are two walk-up multifamily buildings with a combined 65 rental units, ideal for long-term investment due to their steady occupancy and cash flow potential.
Q2: Why is the Bath Beach location attractive for multifamily investments?
Bath Beach offers a strong tenant base, low vacancy rates, access to the D train, and proximity to both parks and retail centers. These factors support consistent rental income and tenant retention.
Q3: Was there any development or conversion potential with this property?
While the buildings are stabilized rental assets, future upgrades or renovations could enhance NOI. The zoning supports continued multifamily use, which aligns with long-term investment strategies.
