The site of the now closed Brooklyn Heights Cinema, 70 Henry Street, has sold to a developer for $7.5 million the NY Daily News reports.
NYDN: Brooklyn-based Madison Estates and JMH Development are the new owners of the two-screen Brooklyn Heights Cinema, the cute one-story white brick theater at 70 Henry St. between Cranberry and Orange Sts., which shuttered in August after 44 years, the Daily News has learned.
Gerard Longo, president of Madison, declined to comment on the company’s plans for the property, which is one of the last remaining development sites in the coveted Brooklyn Heights area, but sources said the building will likely be replaced by a low-rise condo or rental.
Current zoning allows for the construction a five-story property but all plans would have to be rubber stamped by the Brooklyn Heights Association and the Landmarks Preservation Commission, since the building falls within the Brooklyn Heights Historic District. The median price for a condo in Brooklyn Heights is currently $3.7 million, according to listings website CityRealty.
Update: Brooklyn Heights Cinema owner Kenn Lowy (who is looking to relocate the theater somewhere in the area) tells BHB via email:
I wish Gerard the best of luck. I had a chance to meet him recently and I’m sure that he will build something that fits nicely into that space.
And I continue to be dismayed by the BHA’s insistence that the brick wall on Orange Street has some historical value.
Our search for a new home could use some help though. Three potential locations have fallen through, and the 4th, which would be ideal, is not looking good.
Lowy discussed his search with the Daily News commenting, “For the money these landlords want, I’d have to run a meth lab, not a cinema.”
There’s been some reaction on the Twitter already:
RIP bk heights cinema, you were weird and creepy but better than what i imagine will be a condo http://t.co/v3zWRr46S3
— alyssa bereznak (@alyssabereznak) November 19, 2014
— Gersh Kuntzman (@GershKuntzman) November 19, 2014