A mixed-use
building, located at 109 Montague
Street, in the landmark district of Brooklyn
Heights, was sold in an all cash transaction valued at $3,700,000.
The five-story
building, located on Montague
Street between Hicks and Henry Streets, contains
approximately 8,125 square feet. The building is comprised of 1 store, which
will be delivered vacant, and 8 one-bedroom apartments: 4 of which are free
market, 3 rent stabilized and 1 rent controlled unit. The store was occupied by
Heights Books, a one of a kind book store that specializes in first editions,
rare books and signed copies. They will
be moving to a new location on Smith
Street in March. The property also benefits from its
close proximity to the Brooklyn Heights Promenade, Court and Smith Streets, Atlantic Avenue and
MetroTech. The sales price represented $455.38 per square foot with a 5.45% cap
rate.
Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese