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September 17, 2012
What's the Deal
Triangle Building Sold
The Wall Street Journal
by Laura Kusisto
Just a couple of weeks before the opening of Brooklyn's new Barclays Center, the Triangle Building, a 96-year-old neighborhood mainstay across the street from the new arena, has sold to a Brooklyn-based investment firm.
RedSky Capital LLC paid $4.1 million, or $900 a square foot, for the building at the intersection of Flatbush and Fifth avenues that's housed Triangle Sports a retailer of shoes and sporting goods.
Officials with RedSky declined to comment. But Ofer Cohen, a broker at TerraCRG, which arranged the sale, said the new owner is "exploring unique retail uses that can take advantage of the visibility and exposure of the property."
...Some neighborhood residents have objected that nightlife establishments are taking the place of neighborhood spots, but Mr. Cohen, of TerraCRG, insists that won't be the case here. "Part of [the new owners'] vision is to make it a very Brooklyn-type use, to stay true to the Brooklyn authenticity," Mr. Cohen says.
Related coverage...
Atlantic Yards Report, Triangle Building sells for $4.1 million; ad-supported free ATMs at Barclays
Just enough authenticity, I'd bet, to make sure they earn back their investment.
There was no timetable announced for an opening, but the new retail outlet obviously won't be open when the Barclays Center opens across the street on Sept. 28.
Posted by eric at September 17, 2012 11:30 AM