Medical group pays $10M to Birchwood Properties for mixed-use in Bath Beach

An affiliated entity of the medical group Gastroenterology Associates of Brooklyn paid $10 million to Birchwood Properties for two properties in in Bath Beach, Brooklyn, in two transactions.

In the larger, the Gastroenterology Associates of Brooklyn affiliate MYDL Bay LLC paid $8.5 million to Birchwood Properties through the entity Stony Run Equities Inc for the mixed-use property at 8622 Bay Parkway in Bath Beach, Brooklyn. The expected use is owner-occupied.
The deal closed on April 16, 2025 and was recorded on April 21, 2025. The property has 31,100 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $273 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
In the second, Gastroenterology Associates of Brooklyn through the entity Mydl Gci LLC paid $1.5 million to Birchwood Properties through the entity Stony Run Equities Inc for the property at 15 Bay 29th Street, which abuts 8622 Bay Parkway in the middle of the block.

The seller bought the property on December 5, 2013, for $11.3 million, but only a portion of the 15 Bay 29th Street building was sold in this transaction. The signatory for Birchwood Properties was Robert Spitalnick . The signatory for Gastroenterology Associates of Brooklyn was Pierre Hindy . The contract date was November 8, 2024. Pierre Hindy is managing member of the entity that bought the property and he is part of the Gastroenterology Associates of Brooklyn team.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gastroenterology Associates of Brooklyn had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Birchwood Properties had not purchased any other properties and had not sold any properties over the same time period. The 31,100-square-foot property generated revenue of $816,100 or $26 per square foot, according to the most recent income and expense figures.

The property

The property with 6 residential units in Bath Beach has 31,100 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 31,100 square feet. The city-designated market value for the property in 2022 is $3.7 million. The most recent loan totaled $8.2 million and was provided by Signature Bank on January 19, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 18 commercial properties representing 191,462 square feet of the 223,037 square feet. The largest owner is Robert Spitalnick, followed by Phillip Korb and then Burger Brothers Restaurant Group.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 223,037 square feet of built space are elevator buildings, with office buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Birchwood Properties owned at least three commercial properties with 47 residential units in New York City with 27,234 square feet and a city-determined market value of $10.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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