Raven Property Advisors announced the successful sale of a 26-building, mixed-use portfolio in Brooklyn’s Prospect Heights and Park Slope neighborhoods, adjacent to Barclays Center. The portfolio, comprising approximately 115,000 total square feet, includes 28 retail stores and 84 residential units. The transaction, which was sold for $102.5 million, marks one of the largest portfolio sales by number of buildings in recent Brooklyn history, Raven said.
The seller of the portfolio was the Pintchik Family, with the Ostad Family purchasing the portfolio. Representing both parties, the Raven Property Advisors team of CEO Rich Velotta and Senior Managing Director Danny Handweiler was the sole broker involved in marketing and closing this complex transaction.
“This is a significant transaction that highlights the continued demand for predominantly free market assets in primary submarkets,” Velotta said. “Portfolios like this, consisting of small- to mid-sized mixed-use buildings, are rarely aggregated on this scale, particularly in the same neighborhood. The buildings have been part of generational family ownership, so opportunities like this for a purchaser are truly once in a lifetime.”
However, selling a portfolio of this scale presented unique challenges. Each of the 26 buildings had individual considerations — including nuanced lease expirations and individual building conditions and mechanical systems — requiring meticulous planning to fully understand and highlight the distinct value of each property.
