meet the landlord revision
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7/31/2019 Meet the Landlord Revision
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What are you planning to do with that site?
If it were up to us, wed put a simple glass box
called the Apple Store there. Weve reached out
to [Apple] to have them consider it, but we have
nothing to report at this time. It deserves a really
high-quality tenant that a lot of people would like
to see. We had McDonalds approach us, and weve
turned them down on multiple occasions. We
dont feel that theyre going to help us create
the fabric that were trying to produce we
want to be more artisanal.
What about your properties along
Flatbush Avenue?
Were probably the majority prop-
erty owner on Flatbush between
Atlantic Avenue and Grand Army
Plaza 43 of our buildings front on
Flatbush Avenue. During the next 18
to 24 months, were going to start de-
veloping one or two of our sites. Were
planning mixed-use buildings, probably
six stories tall. Its going to add about 120
apartments. Were going to be able to cre-ate some larger retail spaces, too, but we
want to be really careful over who we put
there. Maybe Trader Joes? Uniqlo? Were
trying to create that more Soho, Dumbo,
West Village feeling in terms of the ten-
ants.
You sold some buildings to Forest City
Ratner for about $4 million what went
into that decision?
We sold three buildings and [they] became
part of the new Nets arena. We recently met
with Bruce Ratner to talk about the area. Hes
also very concerned about getting the right kind of
tenants in and around there, and he met with us to
sound out as to what our plans were. Hes looking for
it to be an upscale, fun environment. We had a great
conversation. TRD
Park Slope, and our largest is a 30,000-square-foot Manhattan commercial building at 1504 Third Av-
enue TD Bank and Lenox Hill Hospital rent the space.
Your whole family is in the business?
I work with my brother, Matthew, and my brother-in-law, Scott. Mom keeps us on the straight and
narrow. Its a family affair.
Accidental landlordsYour family is known for owning Pintchik Discount Hardware. How did you end up in real es-
tate?
We started off with hardware stores we had about 13 of them at the peak. We had one in Asto-
ria, and in 1982, someone threw something through the front of the building and it
started a re. We called up our land- lord to say there had been a re and
she said, Sonny boy, I have no idea how to put this back together.
We suggested that wed buy the building and x it up. Later,
the Gap came along and of- fered to pay us more in
rent than we were making
as a hardware store, so
the Gap won out, and
we found out that we
liked being land-
lords.
How did you build
the business from there?
After buying the building in As-
toria, we started buying two to four
buildings a year. One day, we realized we
were much more of a real estate company than aretail company, so we sold the rest of our hardware stores
with the exception of the one here in Park Slope, which is cel-
ebrating its 100th year this year!
Why did you concentrate on Park Slope?
We had a fairly strong reputation in this area of Brooklyn. Instead of putting
their property up for sale, people would call us and say they were planning to move, and
were we interested? We bought a lot of property off-market.
Tenant horror story?
We had a tenant who had a furniture
store on the ground level. When they
moved out, we found that the back room
2,000 square feet was lled oor to
ceiling with trash. In the 10 years theyd been
there, theyd never thrown anything out. It
took us 160 cubic yards of dumpster to empty
out the space.
Building a NeighborhoodYoure known for being selective about your ten-
ants last month, you turned down an offer
from Hooters to lease space across
the street from the new Barclays
Center. Why?
We turn down about 70 percent of
the people that come to us with offers.
Its our belief that through very careful editing, we can
make the neighborhood nicer and more interestingand at the same time do good business.
In the long run, itll pay off in tenant re-
tention.
48 June 2012 www.TheRealDeal.com
By Jane C. Timm
PHOTOGRAPH FOR THE REAL DEAL BY CHRIS MARTIN
Vital Stats:
Name:Michael Pintchik
Age: 60
Hometown: Born in Brooklyn, raised in
Hewlett, Long Island
Currently living in: Carnegie Hill,
Manhattan
Building BlocksHow many buildings do you own?
Sixty buildings, mostly mixed-use in Brooklyn,
Queens and Manhattan. The lions share of our
buildings are in Park Slope, though.
How many units?
Approximately 325 apartments and 75 commer-
cial units. Our smallest is a f our-story townhouse
with four apartments at 16 St. Marks Place in
Pintchiks Manhattanand Brooklyn proper-ties
1504 Third Avenue
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