Michael Pintchik Sells Multifamily DoBro Building to Akelius for $16M
The U.S. arm of Swedish investment firm Akelius Residential Property AB has picked up a four-story, 31,185-square-foot multifamily building in Downtown Brooklyn from Michael Pintchik for $16 million, Commercial Observer has learned. The deal closed on Jan. 24, according to a spokeswoman for TerraCRG.
The property, at 427-433 Dean Street between Fourth and Fifth Avenues, is 200 feet from Barclays Center. It is comprised of 34 rental units (primarily two-bedroom apartments), half of which are rent-stabilized, Adam Hess, a partner at TerraCRG, told CO. Their average rent is $2,500 per month. (Hess and TerraCRG’s Ofer Cohen, along with their sales teams, represented both sides in the deal.)
“It was a unique opportunity to buy a 34-rental unit building that close to the Barclays Center,” Hess said. He noted that Shake Shack is directly behind the structure and there is a lot of buzz on Flatbush Avenue. The Dean Street building sits at the intersection of three retail corridors—Flatbush Avenue, Fourth Avenue and Fifth Avenue.
Pintchik bought the property in October 2014 for $14.7 million, property records indicate. He upgraded the common areas, as well as the free-market units.
“We sold it because it really didn’t fit the profile of the types of buildings that we do,” Pintchik, who owns primarily mixed-use buildings, told CO. “We realized that the multifamily arena is not for us. We usually do full gut renovations and start with full tenancies. We bought this tenanted. We found it was using a lot more of our time and attention than we wanted.”