The Pintchik real estate family has returned to the buying game less than a month after announcing they were parting with more than $100 million worth of buildings in their extensive portfolio.
The family recently bought 296-302 Flatbush Ave. for about $8.5 million, according to property records. The Pintchiks bought the Prospect Heights parcels using proceeds from his family’s recent sale, Michael Pintchik told Crain’s.
“We’re still very much in the business at this point and fully intend to be,” he said.
The family purchased the parcels from Midtown-based real estate firm BLDG Management, which appears to have bought them in 2002 for about $2.6 million, property records show. A representative for BLDG did not respond to a request for comment by press time.
The 2-story commercial building that stands on the property spans about 29,000 square feet overall and is home to a Duane Reade, according to commercial real estate database CoStar. It has the potential for residential space going forward, which Michael Pintchik said he is considering. In general, he views the building as a solid investment and a long-term hold.
“They’re performing right now with a nice return,” he said of the parcels, “and it will only get that much better a few years from now.”
The Pintchik family, whose business dates back to 1912 and began as a series of hardware and paint stores, recently sold a portfolio of 26 buildings in Park Slope and Prospect Heights near Barclays Center to Flatiron Realty’s Michael and Edward Ostad. The portfolio included 28 retail stores and 84 residential units, and it spanned about 115,000 square feet overall.
Pintchik told Crain’s at the time of the sale that the family parted with the properties “to address some family-planning issues.” He also stressed that the properties represented less than half of the Pintchiks’ portfolio and did not mean they were leaving the real estate business but rather planned to buy more properties going forward.
One of those purchases has now taken place, and there are more likely to come, Pintchik said.
“If I find the right stuff, I’m ready to jump on it,” he told Crain’s.
