Like many Brooklyn kids, I shopped at Triangle for balls, pucks and pads in the 1970s and 1980s. It smelled musty and there were things piled up everywhere. Sometimes you had to dig through bins to find what you needed.
But the sporting goods store at 182 Flatbush Avenue had much higher revenues than the Savage x Fenty that signed a lease to replace it in 2022. I know this because the new outpost still not opened.
The debut doesn’t seem close either. The ground floor is boarded up and the top two floors are bricked up. While other retail space near Barclays Center has seen a resurgence, Rihanna has not invested in it work, work, work, work, work, work at 182 Flatbush.
There have been signs of progress non-existent beyond a sign reading ‘Savage x Fenty Signature Script Collection’, seen at the location in 2024. Unfortunately, no one obtained a permit for the advertisement, resulting in an ECB violation.
When a snowstorm hit late last month, plywood sheets fell from the building onto the sidewalk, and neither Rihanna nor the landlord, Hidrock Properties’ 182 Flatbush Ave LLC, sent anyone to clear the snow, as you can see in the photo above.
Ignoring the icy sidewalk, the city smacked Hidrock with a Violation of $12,500 for the plywood accident, which was resolved twelve days later. In 2023, the owner paid a $1,250 fine leaving a shop window open three years after a gut-wrenching of the interior.
This is pocket money for Hidrock’s LLC. All this time, Fenty has been paying “dark rent,” that is, rent for unused space, according to one of the Compass brokers who worked on the lease. Considering that the asking rent was $650,000 per year, the total paid to date could be around $2.5 million.
So while Rihanna has a few work To do that, Hidrock appears to be doing well at Flatbush 182. In 2024, Hidrock’s Abraham J. Hidary reduced its debt from $5.2 million to $4 million when he extended his mortgage with Israel Discount Bank, according to property records.
What we’re thinking about: The name of the previous owner of 182 Flatbush Avenue should ring a bell TRD readers. RedSky JZ bought the property in 2012 for $4.1 million and sold it to Hidrock in 2019 for $7 million.
That sale was a rare bright spot for RedSky at the time. By then, things were already falling apart Ben Bernstein And Ben Stokes’, which had worked with JZ Capital on that deal and others, building a $1 billion retail portfolio.
Stokes left RedSky in 2024, but his former Cornell squash team member Bernstein is still director, according to LinkedIn. Will Ben ever turn a billion dollars again? Send your thoughts to eengquist@therealdeal.com.
Something we learned: Real estate has something in the race to succeed retiring Rep. Nydia Velázquez. Brooklyn Borough President Antonio Reynoso, who is among the city’s most pro-housing advocates, will face Democratic Socialists of America member Claire Valdez, who sits in the state Assembly, in the June Democratic primary.
Reynoso is better known, more experienced and has deeper roots in the district, but Valdez has Mayor Zohran Mamdani’s recommendation. It will be interesting to see how much support Reynoso receives and accepts from the real estate industry and whether she funds a PAC to attack Valdez, as she has done with other DSA candidates.
Elsewhere…
Voice of Gowanus, a group formed in a failed attempt to stop the neighborhood’s 2021 rezoning, continues to seek revenge against Brad Lander, who spearheaded the rezoning as a local councilman.
This week, the group applauded Rep. Daniel Goldman object to a state cleanup plan and convicted Lander, who is challenging Goldman in this June’s Democratic primary. The Voice of Gowanus alleged that Lander wants to locate affordable housing and a school on a contaminated site “without the full remediation required by law, leaving a vast reservoir of coal tar underground.”
Whether you like Lander or hate him, he obviously doesn’t want to endanger residents and students. Instead, Voice of Gowanus is trying to undermine his campaign as revenge for the rezoning, which is bringing more than 8,000 much-needed apartments to Brooklyn. It also wants to delay the 950 unit, all affordable Gowanus Green project.
This is the classic NIMBY strategy of claiming that development would be dangerous to its users. Opponents of a Southern California project I just wrote about made the same argument, citing not only wildfires but also pollution from chemicals used on the golf course where 398 homes would be built.
None of these people were concerned about golfers playing on chemically treated grass.
Closing time
Residential: The highest housing deal recorded on Thursday was $15.5 million for a 6,820-square-foot single-family home at 13 East 94th Street in Carnegie Hill. Serena Boardman of Sotheby’s International Realty had the listing.
Commercial: The best recorded commercial deal was $386 million for approximately 368,000 square feet of office space and 28,000 square feet of retail at 555-557 Broadway in Soho. Publisher Scholastic sold the property to Empire State Realty Trust.
New on the market: The highest price for a home that came on the market was $18 million for a 4,898-square-foot condominium unit at 200 East 79th Street on the Upper East Side. Lauren Muss and Lisa Mathias of Elliman have the entry.
Groundbreaking: The largest new building permit submitted was for a proposed six-story residential building at 2968 Valentine Avenue in Bedford Park. Jakov Saric of Node Architecture submitted the permit on behalf of developer Franc Gjini.
— Matthew Elo
#Daily #Dirt #Rihannas #hopeless #place