April 12, 2019
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold 35 Pineapple Street, an architecturally distinguished, free market, mixed-use corner elevator building in the heart of Brooklyn Heights for $15 million, closely following the recent sale of 99 Joralemon Street. Senior Executive Managing Director, Amit Doshi, and Managing Director, Shallini Mehra, represented both the seller and the buyer in this transaction.
35 Pineapple Street, also known as 102 Hicks Street, is a five-story mixed-use property that spans 13,350 square feet including a 1,500 square foot 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 ample closet space. Additional amenities include a state-of-the-art 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 Mr. 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 Ms. 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 Street is advantageously located in the heart of 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 phenomenal views of downtown Manhattan. The property is also easily accessible via the 2 and 3 subway trains at the Clark Street station and the A and C subway trains at the High Street – Brooklyn Bridge station.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com