The Ostads family has purchased a 26-building portfolio in Brooklyn, New York for $102.5 million, according to a report from The Real Deal.
It includes a total of 84 residential units and 28 retail stores. One of the sites is at 162-170 Flatbush Avenue (adjacent to the Barclays Center), while another is at 458-480 Bergen Street in Park Slope.
Most of the properties are within 200 feet of each other, according to Raven Properties, which brokered the deal for the seller, the Pintchik family.
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“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,” Rich Velotta, CEO of Raven said, per The Real Deal.
“Usually a portfolio of this size is going to be scattered.”
The Ostads, under the leadership of Michael and Ed, operate other New York City properties in Brooklyn, as well as the Bronx, and Manhattan.
In December, NYC saw rents drop 1.2 percent to $2,324, a report from Apartment List finds. However, NYC's rents are still up 2.8 percent versus the period a year ago. Also, the year-over-year performance is outpacing the entire state's 0.7 percent growth and the -0.6 percent drop the national average has seen. Plus, the area is still the eighth most expensive big city to rent in the country.
As far as retail goes, a finding from nonprofit Center for an Urban Future showed that NYC retail chain locations across all five boroughs dipped 1.3 percent over the past 12 months. CUF said that those selling apparel, cosmetics, pharmaceutical items, vitamins, and cell phones suffered the biggest net losses.
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