Michael Pintchik pays $8.5M to BLDG, Crown for four properties in Park Slope

Michael Pintchik through the entity 185, 189, 193 Flatbush LLC paid $8.5 million to BLDG Management and Crown Acquisitions through the entity Twin Tower Equities, LLC for the four retail buildings at 296 to 302 Flatbush Avenue in Park Slope, Brooklyn. The expected use is cash flowing.
The deal closed on January 30, 2025 and was recorded on February 6, 2025. The four properties have 21,772 square feet of built space and 12,914 square feet of additional air rights for a total buildable of 34,672 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $389 and the price per buildable square foot is $244 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for BLDG Management and Crown Acquisitions was Lloyd Goldman. The signatory for Michael Pintchik was Michael Pintchik. The contract date was September 17, 2024. Traded reported the sale earlier.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Michael Pintchik had purchased any other properties and sold 26 properties in 26 transactions for a total of $102.5 million over the past 24 months.
The seller BLDG Management purchased four properties in three transactions for a total of $170.9 million and had not sold any properties over the same time period. The four properties with a total of 21,772 square feet of built space generated revenue of $796,549 per year or $37 per square foot. The sale price per square foot was $389.

The property

The retail buildings in Park Slope has 21,772 square feet of built space and 12,914 square feet of additional air rights for a total buildable of 34,672 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 56 feet deep. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,130 in OATH penalties in the last year.

Development

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 2.8 times the average sales volume among other neighborhoods with $742 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 832,246 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 the tax block of 300 Flatbush Avenue, PincusCo has identified the owners of seven of the 12 commercial properties representing 34,847 square feet of the 47,932 square feet. The largest owner is Wrenford Phillips, followed by BLDG Management and then Brian Elgart.
There are no active new building construction projects on this tax block.

The majority, or 34 percent of the 47,932 square feet of built space are retail buildings, with walkup buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Bldg Management owned at least 172 commercial properties with 4,709 residential units in New York City with 6,034,742 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 6,034,742 square feet of built space are elevator properties, with office properties next occupying 19 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Queens next at 11 percent of the space.
The PincusCo database currently indicates that Crown Acquisitions owned at least five commercial properties with 107 residential units in New York City with 608,432 square feet and a city-determined market value of $555.1 million. (Market value is typically about 50% of actual value.) The portfolio has $11.5 million in debt, borrowed from East West Bank. Within the portfolio, the bulk, or 74 percent of the 608,432 square feet of built space are office properties, with D4 properties next occupying 24 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

The buyer

The PincusCo database currently indicates that Michael Pintchik owned at least six commercial properties with nine residential units in New York City with 47,411 square feet and a city-determined market value of $36.1 million. (Market value is typically about 50% of actual value.) The portfolio has $22 million in debt, borrowed from BNB Bank. Within the portfolio, the bulk, or 74 percent of the 47,411 square feet of built space are retail properties, with mixed-use properties next occupying 26 percent of the space. The bulk, or 86 percent of the built space, is in Brooklyn, with Manhattan next at 14 percent of the space.

Direct link to Acris document. link