Brooklyn-based developer Madison Estates and JMH Development bought the city’s oldest independent movie theater for $7.5 million.
The iconic Brooklyn Heights Cinema — a two-screen, two-story movie theater at 70 Henry Street, between Cranberry and Orange streets — closed its doors in August. The building, which was built in 1895, will likely make way for a low-rise rental development, the New York Daily News reported. The building last traded hands more than 5o years ago.
The developers are allowed to build a five-story building at the location, located in the Brooklyn Heights Historic District. Plans, however, need approval from the Brooklyn Heights Association and the Landmarks Preservation Commission.
Massey Knakal Realty Services’ Michael Mazzara and Stephen Palmese were the brokers on the deal. [NYDN] — Claire Moses