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What’s the DealSeptember 17, 2012
Triangle Building Sold
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.”
Triangle Sports was founded by the Shapiro family in 1916 on the triangle-shaped block. The store began selling hunting equipment, and by the 1960s it got into the sneaker business. The family at one point had as many as eight Triangle franchises throughout the city.
Henry Rosa, one of the partners behind Triangle Sports, said in an earlier interview the firm felt pressure from big-box stores and a weak economy. Also, the area near the arena has seen a dramatic transformation in recent months, including a number of new restaurants and bars. 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.
RedSky Capital this year also partnered with Waterbridge Capital to buy several properties spanning almost an entire block on Bedford Avenue in Williamsburg.
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