The Pintchik family, major landlords along Brooklyn’s Flatbush Avenue near Barclays Center, sold a large portfolio of properties in the area for more than $100 million.
The family business started with Nathan Pintchik opening a chain of paint stores more than 100 years ago. Today the business is run by his grandson Michael, who made the decision to sell a large portion of their holdings.
“They’ve been owning and acquiring buildings for the past 60 to 70 years and are wonderful stewards of the transition the area around Barclays Center has gone through the last 10 years or more,” said Rich Velotta of Raven Properties, who sold the portfolio on behalf of the Pintchiks.
Velotta said the properties are all very close to one another — most within 200 feet — and that portfolios like this take generations to stitch together.
“It’s very rare to acquire this many buildings that are in such a great pocket of Brooklyn that are also effectively adjacent to each other,” he added. “Usually a portfolio of this size is going to be scattered.”
The buyers are another family: the Ostads, led by Ed Ostad and Michael Ostad, who own properties in Brooklyn, Manhattan and the Bronx. The price was $102.5 million.
The portfolio is made up of 26 buildings — 28 retail stores and 84 residential units — along Flatbush Avenue and side streets in Prospect Heights and Park Slope. It includes 162-170 Flatbush Avenue across the street from Barclays Center, where Shake Shack is the retail tenant.
It also includes 458-480 Bergen Street, an entire block in Park Slope.
Michael Pintchik had previously said he turned away certain types of tenants like Hooters and McDonald’s that he thought didn’t fit with the neighborhood.
“Our goal is to have very artisanal, unique tenants,” he said in a 2017 interview with Commercial Observer. “We feel a certain responsibility, because we have almost contiguous blocks of buildings. Because we can shape things, we have been really careful.”
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