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Triangle Sports building sells for $4.1 million

Brooklyn Daily Eagle

A property that will surely  benefit from its proximity to the Barclays Center arena has achieved a record sale price for a retail building in the Downtown Brooklyn/Fort Greene/Prospect Heights area.

TerraCRG reports that the Triangle Sports building at 182 Flatbush Ave., at the intersection of Fifth Avenue, sold for $4.1 million (or $911 per square foot), “which is a record in Brooklyn.”

The buyer is identified as Redsky Capital LLC; it is not known what the plans are for the site.
 
It is the only free standing retail building directly across the street from Barclays and directly down the street from the Atlantic Terminal and Atlantic Mall. 

“The area right around the Barclays Center is seeing the beginning of the biggest renaissance of retail in Brooklyn,” said Geoffrey Bailey, vice president of retail services at TerraCRG, who represented both the buyer and the seller in the all cash transaction.

According to Ofer Cohen, president of TerraCRG, the triangular shaped,  4,790-square-foot building has been home to Triangle Sports for close to a century and was delivered vacant, making it ideal for a single retail tenant repositioning.

“The property was built in the late 1800s and has been occupied by Triangle Sports since 1914,” he said.

Cohen added, “We introduced the property to the market in early 2012 in anticipation of the arena’s opening. We conducted a formal bid process and achieved a price over $900 per square foot, which certainly breaks the record of retail building sales in Brooklyn.”

As the Eagle has reported, the 18,000-seat arena is scheduled to open on Friday, Sept. 28.
 
September 25, 2012 - 9:46am


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