Abe Garbo’s ABG Equities signs contract for 22K sf dev site in Boerum Hill

Abe Garbo’s ABG Equities through the entity ABG Equities LLC signed a contract to pay an undisclosed amount to Joseph Basile for three adjacent properties at 459, 461 and 463 Baltic Street in Boerum Hill, Brooklyn. The expected use is ground up development.
The deal closed on March 31, 2025 and was recorded on April 8, 2025. The three properties have 2,800 square feet of built space and 19,700 square feet of additional air rights for a total buildable of 22,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $zero and the price per buildable square foot is $zero per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Joseph Basile was Joseph Basile. The signatory for ABG Equities was Abe Garbo , who also uses the name Avraham Garbo. The contract date was March 31, 2025. The sale is expected to close, “on or about November 15, 2025.”

Avraham Garbo was partnered with Barry Wagschal through the company GW Equities, but as of early 2025, they were no longer partnering. Barry Wagschal leads Wagstone Capital and Garbo is investing separately.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer ABG Equities had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Basile had not purchased any other properties and had not sold any properties over the same time period.

The property

The zoning is M1-4/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 463 Baltic Street, PincusCo has identified the owners of four of the 15 commercial properties representing 26,934 square feet of the 69,134 square feet. The largest owner is Rahul Bijlani, followed by Avi Garbo and then Fifth Avenue Committee.
On the tax block, there were two new building construction projects totaling 48,182 square feet. The largest is a 18-unit, 31,692 square-foot residential (R-2) building submitted by Tankhouse and filed by Sebastian Mendez with plans filed June 28, 2019 and permitted December 5, 2019. The second largest is a 13-unit, 16,490 square-foot residential (R-2) building submitted by Sebastian Mendez with plans filed June 15, 2018 and permitted June 14, 2022.

The majority, or 52 percent of the 69,134 square feet of built space are industrial buildings, with hotel buildings next occupying 21 percent of the space.

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