The Reel

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A blog for breaking sales and neighborhood real estate news.

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