Mixed-Use Building Near Barclays Sells for $6.2M

The 10-unit, 9,000-square-foot property at 267 Flatbush Avenue just sold for $6,200,000. According to TerraCRG, “The property has nine residential units and a corner retail unit occupied by a restaurant that is slated to open this summer. (We previously reported that this would be a Mexican restaurant, and construction is moving along quickly.) Six of the residential units are vacant and in the process of being renovated, two of the units have already been renovated and leased. The retail tenant has a 10-year lease with two five-year renewal terms.” Silvershore Properties originally purchased this property only one year earlier for $2,300,000. Impressive flip. As for retail rents in the area, they are now going for $125 to $250 per square foot, according to brokers at TerraCRG.