RedSky makes third buy near Barclays Center

Investment firm pays $15M for building housing Flatbush Farm
July 15, 2013 10:00AM

Brooklyn-based investment firm RedSky Capital is solidifying its presence around Barclays Center by paying $15 million for a building that houses popular neighborhood restaurant Flatbush Farm, the Wall Street Journal reported.

The 24,000-square-foot building, designed by Brooklyn architect Montrose Morris, is located at 76 Saint Marks Avenue at the intersection of St. Marks and Flatbush avenues. Along with Flatbush Farm, it is also home to Japanese restaurant Taro Sushi, TerraCRG’s Adam Hess, who brokered the deal, told the Journal.

This is RedSky’s third buy in the area. Last year, it paid $4.1 million for the Triangle Building, a 96-year-old neighborhood icon across the street from the Barclays Center. And earlier this year, it bought 267 Flatbush Avenue, which is slated to house barbeque restaurant Sloan’s and the mac-and-cheese joint Elbow Room, Hess told the Journal.

The deals, Hess added, will “transform Flatbush Avenue right around the arena.”

As of September 2012, RedSky — headed by two young graduates of Cornell University, Benjamin Bernstein and Benjamin Stokes — had amassed a portfolio of 170 Brooklyn apartments and six-figures of commercial square-footage. [WSJ, 2nd item]  –Hiten Samtani