Sherr Equities is in contract to sell a 10,000 s/f retail building in Flatbush, Brooklyn for $6.7 million.
The property, located at 1172-1182 Flatbush Avenue, sits between Vanderveer Place and Ditmas Avenue. According to a property listing from Cushman & Wakefield, three of the five units in the property are currently occupied. The tenants are Careway Pharmacy, Health Plus Management and the U.S. Air Force.
The sale provides a hefty profit for Sherr. The firm, headed by Harold Sherr, bought the property for $1.72 million in 2010, according to data firm Reonomy. That price came to about $122.62 per rentable square feet. According to a source, Sherr is also looking for a 1031, which would allow them to defer taxes as they roll the profit from the sale to another investment.
This is not Sherr’s only retail deal over the past few months. The company also recently closed on a lease for the new flagship store of cosmetics firm Rituals at 489 Broadway in Soho. The brand is taking 1,200 s/f at the ground floor and 2,000 at the lower level. Asking rent was $1,200 per s/f. The deal was said to have closed at over $1,000 per s/f.