Monday, July 15, 2013

Building at Flatbush and St. Marks sells for $15 million; what's next?

The Wall Street Journal reports that a five-story "building near Barclays Center"--which wraps around thee intersection of Flabush Avenue and St. Marks Avenue, just east of Sixth Avenue, has been purchased by RedSky Capital LLC for $15 million.

It currently houses Flatbush Farm, the adjacent Bar(n), and Taro Sushi. Writes the Journal:
The sale of the 24,000-square-foot building illustrates how RedSky is getting more active in the area around Barclays Center. Last year, RedSky paid $4.1 million for the Triangle Building, a 96-year-old neighborhood mainstay across the street from the new arena. And earlier this year, it purchased 267 Flatbush Ave., expected to be home to the Texas-style barbecue joint Sloan’s and the mac-and-cheese restaurant Elbow Room, Mr. [Adam] Hess [of TerraCRG] says.
The transactions will “transform Flatbush Avenue right around the arena,” Mr. Hess says.
The $15 million figure seems like an astounding number, but if RedSky paid $4.1 million for some 4600 square feet at the Triangle Building, which is right across from the arena but has yet to be renovated, the sum is plausible.

At those prices, should we expect some high-volume, or higher-end, eating and drinking establishments? What about the residential in that five-story building?

2 comments:

  1. Anonymous8:11 PM

    The residents in the building are getting kicked out when their leases end this year so RedSky can renovate the units and charge $6000-7000 per month for each apartment

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    1. If true, this wouldn't be surprising, but... I'm publishing this anonymous comment with the hope someone will contact me (email at top of page) with more specific info to confirm it.

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