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February 7, 2008
Brooklyn Family Sitting on $100M in Property, Air Rights
The New York Sun
by Bradley Hope
Brooklyn residents know Pintchik's Hardware, which has been on the corner of Flatbush Avenue and Bergen Street since 1940, for the quirky messages on its scrolling digital sign, its free cappuccinos, and the life-size fiberglass cow outside its entrance. What they don't know is the Pintchik family is sitting on as much as $100 million of developable property and air rights, according to some brokers' estimates.
Activity in the area has picked up dramatically as a result of the Atlantic Yards development just to the north. Mr. Pintchik said he received 15 calls last week about one site in front of what is planned to be the new home of the Nets basketball team, Barclay Stadium.
"In all my years over here, I've never received 15 calls in a week," Mr. Pintchik said, adding that he sold three buildings to Forest City Ratner, which is developing the Atlantic Yards project. Property records show that the company received about $4 million for the properties, at 185, 189, and 193 Flatbush Ave.
It sounds like the properties that the Pintchiks plan to develop themselves won't quite stand out like "Ms. Brooklyn:"
Preliminary plans have already been drawn up for the buildings, which he said would be designed in a "seaport cast-iron" and "great brick" style.
"They will not be modern buildings," he said. "They will be crisp, with great light and air, but fitting the neighborhood."
NoLandGrab: The Pintchik family has been a bedrock of the local economy — and philanthropy — for decades. But did they have to help pave the way for Atlantic Yards?
Posted by eric at February 7, 2008 10:55 AM