Compiled by Linda Collins
Brooklyn Daily Eagle

BROOKLYN HEIGHTS — A mixed-use 8,125-square-foot building at 109 Montague St. in Brooklyn Heights recently sold for $3.7 million.

The sale price represented $455.38 per square foot, according to Massey Knakal Realty broker Stephen Palmese, who represented the seller along with broker Paul Smadbeck.

“I think it was an extraordinary price for this market. Today, more than ever, there’s a flight to quality. The marketplace is quite vibrant when dealing with clean buildings in prime locations.� he told the Eagle Tuesday, adding that this is definitely a clean building and definitely in a prime location.

“These [clean buildings in prime locations] also offer the opportunities where financing is most readily available,� said Palmese who, with Smadbeck, also found the buyer in this transaction.

The five-story building has been home for years to Heights Books, a one-of-a-kind book store that specializes in first editions, rare books and signed copies. The store will be moving to a new location on Smith Street in March.

The buyer, who prefers to remain unnamed for now but is described by Palmese as a local Brooklyn Heights resident, wanted the property with a vacant retail space.

This is because of his own plans to get involved with a new business in a joint venture — possibly a food store, definitely something different from what’s on Montague Street already, according to Palmese.

In addition to the book store, the building, on the north side of Montague between Hicks and Henry streets, contains eight one-bedroom apartments, four of which are free market, three of which are rent-stabilized and one is a rent-controlled unit.

Palmese said the property attracted a lot of activity with buyers very interested despite the current state of the economy.

The owner is selling because he is retiring, according to Palmese.

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