Avraham Garbo, Roei Paz, Sara Rottenberg pay $7.7M for industrial in Clinton Hill

Avraham Garbo, Roei Paz, and Sara Rottenberg through the entity 122 Washington Lofts LLC paid $7.7 million through an estate sale to Patricia Ann Ballentine through the entity Estate Of Patricia Ann Ballentine for the industrial building (F4) at 122-124 Washington Avenue in Clinton Hill, Brooklyn.
The deal closed on January 7, 2025 and was recorded on January 22, 2025. The property has 20,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $385 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 Patricia Ann Ballentine was Pamela Suzanne Ballentine-De Korodi. The signatory for Avraham Garbo, Roei Paz, and Sara Rottenberg was Avraham Garbo. The contract date was April 11, 2024. The process address is Roei Paz, of P National Group. Traded NY identified Sara Rottenberg as a buyer as well. Avraham Garbo is affiliated with Garbo & Company and GW Equities.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Avraham Garbo purchased two properties in two transactions for a total of $4.7 million and has no record it sold any properties over the past 24 months.
The seller Patricia Ann Ballentine had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Clinton Hill has 20,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million.

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 received $1,350 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, B01108308, for a 17-unit, 19,020 square-foot R-2 building. The project was submitted by Roei Paz and filed by Roei Paz with plans filed September 19, 2024 and it has not been permitted yet.

The neighborhood

In Clinton Hill, The bulk, or 34 percent of the 10.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Clinton Hill has near average sales volume among other neighborhoods with $298.4 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 206,390 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 42,403 square feet of the 127,474 square feet. The largest owner is Peggy Hung Chun Ma, followed by Capital Equities Group and then Jose R. Rodriguez.
There are no active new building construction projects on this tax block.

The majority, or 34 percent of the 127,474 square feet of built space are walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Avraham Garbo owned at least seven commercial properties with 37 residential units in New York City with 49,403 square feet and a city-determined market value of $8.6 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from S3 Capital. Within the portfolio, the bulk, or 44 percent of the 49,403 square feet of built space are walkup properties, with industrial properties next occupying 40 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Roei Paz owned at least one commercial property in New York City with 20,000 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.
The PincusCo database currently indicates that Sara Rottenberg owned at least one commercial property in New York City with 20,000 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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