So... I inspected the parking brakes and make sure they were free and not binding. Threw everything together and engaged them for the first time by myself. Upon release the foot pedal remains low and the brake light is on. I engaged them several more times but its still and issue.

What can I do?

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1991 560 SEL / 185k miles
1992 750il / 17k miles - project car

same problem. interested in what everyone has too say

I took mine off-roading. Seems its back to normal. I think the problem is the parking brakes or cable hang up. I did not remove the parking brakes and lubricate the pivot points. I should have. Or its just crud in the cable preventing it from being pushed back towards the lever. Either way, after a couple days it back to normal.

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1991 560 SEL / 185k miles
1992 750il / 17k miles - project car