Brooklyn, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold 35 Pineapple St., an architecturally distinguished, free market, mixed-use corner elevator building in Brooklyn Heights for $15 million, closely following the recent sale of 99 Joralemon St. Senior executive managing director, Amit Doshi, and managing director, Shallini Mehra, represented the seller and buyer.
35 Pineapple St., also known as 102 Hicks St., is a five-story mixed-use property that spans 13,350 s/f including a 1,500 s/f usable basement. The property features a retail portion leased to Joe’s Coffee Company and 11 residential units, which have been recently renovated with high-end, condominium-quality finishes including Bosch stainless steel appliances, open kitchens, spacious contemporary bathrooms, dark stained oak floors, in-unit washers and dryers, and closet space. Additional amenities include a intercom system, storage units, and a bike room.
“Benchmark Real Estate Group has a track record for renovating pre-war buildings at a superior level complete with modern finishes and amenities,” said Doshi. “The property’s curved exterior has been pristinely steam cleaned and the building’s pre-war lobby and common areas are beautifully appointed and reminiscent of old-world charm.”
“We were able to achieve in excess of $1,250 net price per square foot, a 3.5 capitalization rate and a gross multiplier of 20 times,” said Mehra. “The metrics we achieved are truly a testament to the seller, Benchmark’s attention to detail, quality, and aesthetics, and the property’s location in a desirable neighborhood.”
35 Pineapple St. is advantageously located in Brooklyn Heights’ historic district, just a few blocks from neighborhood attractions including the Riverside Promenade, Brooklyn Bridge Park, Pier 1 Playground, and Pier 2 Roller Rink, which all offer views of downtown Manhattan.