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Brooklyn Heights Mixed-Use Trades at $1,250+ Per SF
Meridian Investment Sales has arranged a $15-million deal for 35 Pineapple St., a mixed-use corner elevator building in Brooklyn Heights. Senior executive managing director Amit Doshi and managing director Shallini Mehra represented both the seller, Benchmark Real Estate Group, and the buyer.
Also known as 102 Hicks St., 35 Pineapple is a five-story property spanning 13,350 square feet. It features a retail portion leased to Joe’s Coffee Company, and 11 free-market residential units, all recently renovated.
“Benchmark Real Estate Group has a track record for renovating pre-war buildings at a superior level, complete with modern finishes and amenities,” said Doshi.
“We were able to achieve in excess of $1,250 net price per square foot, a 3.5 capitalization rate and a gross multiplier of 20 times,” said Mehra. She added that the deal’s metrics were a testament to the seller and to “the property’s location in a desirable neighborhood.”
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