National retailers and restaurateurs have been scrupulously scouting for real estate locations near and along Flatbush and Atlantic avenues in advance of the Barclays Center opening this year.
The Wall Street Journal reported that the most recent victim of the growing trend is Triangle Sports, the 96-year-old retailer at the intersection of Flatbush and Fifth avenues. With the weak economy and increased pressure from the national retailers and upscale boutiques that have descended upon the area, Triangle Sports owners felt it would be best to sell their property.
Geoffrey Bailey, a director of TerraCRG, is marketing the property.
“Twenty years ago, you would have never imagined this taking place,” said Henry Rosa, a partner of Triangle Sports. “Fourth Avenue was a red-light district not too long ago.”
Now retail rents are about $50 to $60 per square-foot, according to Timothy King, a managing partner with CPEX Real Estate. National chains like Target and Applebee’s have moved into the nearby Atlantic Center mall, while more upscale restaurants and boutiques have moved into the side streets. The forthcoming basketball arena is spurring much of the interest, and real estate insiders say even more big name restaurants and shops are closing in on space in the area.
“This trend is going to accelerate in a monumental way as we get closer to the arena opening,” King said. [WSJ]