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Movie theater sold and saved.
Real Estate Weekly
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May 17, 2006
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COPYRIGHT 2006 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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A seven-screen movie theater that debuted its first film 85 years ago at 6817 Fifth Avenue in the Bay Ridge section of Brooklyn was sold by Massey Knakal Realty Services in a transaction valued at $5,000,000.
The Alpine Theater sits on an irregular shaped lot and measures approximately 22,400 square feet. The transaction occurred at a capitalization rate of 3.50% and a gross rent multiple of 11.57. The property sold for $231.48 per square foot.
Residents and politicians fought to keep the theater since it was the neighborhood's last ...
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