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Big price paid for small buildings

By Christie Rizk
The Brooklyn Paper

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How hot is Brooklyn Heights real estate? Two buildings and a vacant lot on Pineapple Street were bought this week by a New Jersey developer for $7.4 million.

It’s one of the biggest real-estate deals in recent memory.

Brooklyn Bridge Realty

“We got 20 offers on this property,” said Brian Leary, a partner at Massey Knakal Realty Services, which handled the sale.

The two buildings, at 71 and 75 Pineapple St., currently comprise 36 units and a vacant retail space.

The buildings are in a historic district, so the developers — Rushbrook Partners — are limited with what they can do to the outside of the buildings. But they have almost unlimited freedom to redevelop the inside.

“They’re going to refurbish what’s there,” said Leary, adding that 71 Pineapple St. may retain its retail space even after the conversion.

“The rental market is very strong right now and Brooklyn Heights is a very popular neighborhood,” said Leary, adding that the high price reflects that.

©2007 The Brooklyn Paper

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