Recently Sold: 71-75 Pineapple Street
As reported in the print edition of this week’s Brooklyn Heights Courier, two buildings and one empty lot on a landmarked portion of Pineapple Street were recently sold for $7.4 million in an all-cash transaction. The two buildings at 71 and 75 Pineapple, which contain 23 vacant apartments and 13 occupied rent stabilized apartments, sold…
As reported in the print edition of this week’s Brooklyn Heights Courier, two buildings and one empty lot on a landmarked portion of Pineapple Street were recently sold for $7.4 million in an all-cash transaction. The two buildings at 71 and 75 Pineapple, which contain 23 vacant apartments and 13 occupied rent stabilized apartments, sold for $5,746,250 ($322 per square foot); the lot sold for $1,653,750 ($250 per square foot). Seems pretty reasonable to us for the location. GMAP P*Shark
From brooklyneagle—->
The new owners of the vacant lot at 73 Pineapple St., near Henry Street, who also purchased the two adjoining buildings at 71 and 75 Pineapple, have filed a preliminary permit application with the Department of Buildings (DOB) to construct a new 10-unit, 6,984-square-foot, five-story, 50-foot-tall residential building
north heights was never raggedy and there are no real pockets of development that has changed anything in the north heights. donatella do you even know where the heights is???
I love the north heights! raggedy my ass!
That looks like a great deal to me. Just a few blocks away from the planned Love Lane development. Development action in the Heights! The North Heights was always a little raggedy but the Nice new St. George and little pockets of development there should be great for the neighborhood and a good investment.
i would love to know what happens to the tenants that are still there. I know 2 of them and they are old, alone and have no where to go…anyone hear about any sort of buyout or option to stay???
Thanks anon 5:06. I’ve always sort of worked backwards. i.e. think that if a house is worth $500 psf, and new construction costs about $300 psf then land should cost about $200 psf. There aren’t many comps for land sales in ladmark neighborhoods, so I am interested to see them when they come up.
anon 12:57.
it depends where you lot is. $250 a builable sq ft is only acheivable in neighborhoods like dumbo, maybe prime williamsburg (but i still think it’s about $50 sq ft high) and the brooklyn heighs. in coblle/boreum hill/ft greene, park slope i’d say $150-$200 is acheivable.
Yup. Sound like sane prices.
Massey Knakal the commerical RE firm sold it. Asking price was $6.7M. Its still on their website but the link is down.