Closing Bell: Developers Buy Brooklyn Heights Cinema Building for $7.5 Million

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Developers Madison Estates and JMH Development have paid $7,500,000 for the landmarked brick building at 70 Henry Street that housed Brooklyn Heights Cinema, The Daily News reported. The sale, whose date was not reported, has not hit public records.

Any plans for development would have to be approved by Landmarks, which never approved the previous owner’s plans despite several meetings. Madison wouldn’t comment on its plans, but is likely planning apartments, according to the Daily News. The story said the 1895 building was originally a butcher shop.

The theater closed in late August after more than 44 years in business, as we reported at the time. So far, owner Kenn Lowy has not been able to find a new space.

“For the money these landlords want, I’d have to run a meth lab, not a cinema,” he told the Daily News.

Brooklyn Heights Cinema Sells for $7.5 Million to Local Real Estate Developer [NYDN]
Brooklyn Heights Cinema Coverage [Brownstoner]

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