ABG Equities pays $7.6M, signs $18M construction loan for 46-unit project in Crown Heights

ABG Equities through the entity 558 St. John Lofts LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Perpetual Yield Funding LLC valued at $18 million for the 46-unit project at 558 St. Johns Place in Crown Heights, Brooklyn.

On the lot, there is one active new building construction project, B01190376, for a 46-unit, 31,493 square-foot residential (R-2) building. The project was filed by Avraham Garbo with plans filed March 7, 2025 and it has not been permitted yet.
The deal closed on December 8, 2025 and was recorded on December 18, 2025.
The signatory for ABG Equities was Avraham Garbo . ABG Equities bought the property for $7.6 million at the same time.

The property

The specialty building in Crown Heights has 6,301 square feet of built space and 19,491 square feet of additional air rights for a total buildable of 25,816 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 129 feet deep with a total lot size of 6,454 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $287,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.4 times the average sales volume among other neighborhoods with $721.1 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Crown Heights has near average amount of major developments among other neighborhoods and is the 12th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 22 of the 33 commercial properties representing 439,983 square feet of the 515,509 square feet. The largest owner is Harbor Group International, followed by Renaissance Realty Group and then Richard Sica.
On the tax block, there were two new building construction projects totaling 51,422 square feet. The largest is a 46-unit, 31,493 square-foot residential (R-2) building submitted by Abraham Garbo with plans filed March 7, 2025 and it has not been permitted yet. The second largest is a 19-unit, 19,928 square-foot residential (R-2) building submitted by Loketch Group and filed by Moishe Loketch with plans filed January 26, 2024 and permitted December 11, 2024.

The majority, or 51 percent of the 515,509 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.

The borrower

The PincusCo database currently indicates that Abg Equities owned at least three commercial properties with one residential unit in New York City with 2,800 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 2,800 square feet of built space are industrial properties, with A9 properties next occupying 46 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link