In a rapidly developing area surrounded by national retailers, Sherr Equities recognized an opportunity to acquire this retail building with an eye towards re-development. The building was run-down and poorly tenanted, but the location made it a prime opportunity for re-positioning the tenancy to create maximum value for the asset. In addition, the building comes with 56,000 SF of air-rights for future development.
Sherr Equities conducted a thorough renovation process of the existing 10,000 SF structure to create several brand-new storefronts that are now leased to credit tenants. Flatbush Avenue has seen tremendous growth in the past few years and it will only continue to grow as developments in the nearby Barclay Center area and downtown Brooklyn come to fruition.
Sherr Equities sold 1172 Flatbush Avenue in 2017 for more than 3x the price we paid just a few years earlier.