Edward, Michael Ostad buy Brooklyn portfolio from Pintchik family, for reported $102.5M

Edward Ostad and Michael Ostad through the entity Meo 266 Flatbush Avenue LLC (and others) purchased from the Pintchik family through the entity 266-268 Flatbush LLC (and others) a 26-building portfolio in Park Slope and Prospect Heights, Brooklyn. The expected use is cash flowing.
The sale was first reported by The Real Deal and the price was later established at $102.5 million. As of publication, 25 of the 26 buildings have been recorded in the city’s transfer records, totaling $97.9 million. One property has not yet been recorded, which is 476 Bergen Street Street.
The properties that have been recorded are 266-268 Flatbush Avenue, 478 Bergen Street link, 234 Flatbush Avenue link, 480 Bergen Street link, 474 Bergen Street link, 243 Flatbush Avenue, 462 Bergen Street, 464 Bergen Street, 241 Flatbush Avenue, 466 Bergen Street, 458 Bergen Street, 472 Bergen Street, 239 Flatbush Avenue, 468 Bergen Street, 237 Flatbush Avenue, 470 Bergen Street, 216 Flatbush Avenue, 452-454 Dean Street, 202 Flatbush Avenue, 192-194 Flatbush Avenue, 206 Flatbush Avenue, 212 Flatbush Avenue, 218-220 Flatbush Avenue, 204 Flatbush Avenue and 214 Flatbush Avenue.

The deal closed on January 10, 2025 and was recorded on January 28, 2025. The signatory for Michael Pintchik was Michael Pintchik. The contract date was July 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Edward Ostad purchased 18 properties in 16 transactions for a total of $72.4 million and has no record it sold any properties over the past 24 months.
The seller Michael Pintchik had not purchased any other properties and sold seven properties in seven transactions for a total of $31.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Pintchik, head officer and Matthew Pintchik, officer. The business entity is 266-268 Flatbush Llc. The 5,490-square-foot property generated revenue of $244,964 or $45 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 5 residential units in Park Slope has 5,490 square feet of built space and 13,785 square feet of additional air rights for a total buildable of 19,280 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 62 feet deep with a total lot size of 4,820 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 31, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Park Slope, The bulk, or 36 percent of the 9.8 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space. In sales, Park Slope has 2.6 times the average sales volume among other neighborhoods with $683 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 774,421 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 57,780 square feet of the 81,290 square feet. The largest owner is Mesa West Capital, followed by Ping Cheung and then Tolib Mansurov.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 81,290 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Edward Ostad owned at least 43 commercial properties with 722 residential units in New York City with 697,561 square feet and a city-determined market value of $141.2 million. (Market value is typically about 50% of actual value.) The portfolio has $214.6 million in debt, with top three lenders as Signature Bank, New York Community Bank, and Amalgamated Bank respectively. Within the portfolio, the bulk, or 47 percent of the 697,561 square feet of built space are walkup properties, with elevator properties next occupying 41 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Bronx next at 17 percent of the space.
The PincusCo database currently indicates that Michael Ostad owned at least seven commercial properties with 25 residential units in New York City with 35,339 square feet and a city-determined market value of $14.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 35,339 square feet of built space are mixed-use properties, with walkup properties next occupying 28 percent of the space. The bulk, or 90 percent of the built space, is in Brooklyn, with Bronx next at 10 percent of the space.

Direct link to Acris document. link