Brooklyn’s Pintchik family has sold a 26-building portfolio of mixed-use properties in the borough for about $103 million, according to Michael Pintchik and an announcement from the brokers.
The Pintchiks sold the buildings to brothers Michael and Edward Ostad, parting with them “to address some family-planning issues,” Pintchik told Crain’s. The portfolio consists of buildings relatively close to Barclays Center in Prospect Heights and Park Slope, and it spans about 115,000 square feet overall with 28 retail stores and 84 residential units.
Pintchik stressed that this deal represented only a portion of the family’s portfolio — he estimated slightly less than 40% — and they were staying in the real estate business with additional purchases and projects on the horizon. He described the deal as “bittersweet” but said the properties were hopefully in good hands.
A representative for the Ostads did not respond to a request for comment by press time. Pintchik said he was unaware of any major plans they had to change the buildings but expected the brothers to operate them largely as is while potentially finding some opportunities to increase their value.
“They explained to me their purpose in buying [the portfolio] was because these are, in their words, ‘artfully curated,'” he said, “so that’s my greatest hope, that they preserve that and continue in that vein.”
The properties include 458-480 Bergen St., which spans a full block in Park Slope, and 220, 243 and 266 Flatbush Ave. Raven Property Advisors’ Rich Velotta and Danny Handweiler represented the Pintchiks and the Ostads in the deal.
“Portfolios like this, consisting of small- to midsized mixed-use buildings, are rarely aggregated on this scale, particularly in the same neighborhood,” Velotta said in a statement. “The buildings have been part of generational family ownership, so opportunities like this for a purchaser are truly once in a lifetime.”
The Pintchik family’s business dates back to 1912, when Nathan Pintchik launched it as a series of paint and hardware stores. The family acquired dozens of buildings over the years, according to a 2008 article on the family in the New York Sun. The piece estimated that, at the time, the family owned up to $100 million in development and air rights.
