ASG Equities pays $6.5M for mixed-use in Bay Ridge

ASG Equities through the entity 464 86th St Blue LLC paid $6.5 million to Morris Cabasso and Ezra Erani through the entity 464 Realty Associates for the mixed-use building (K2) at 464 86th Street in Bay Ridge, Brooklyn.
The deal closed on June 24, 2022 and was recorded on July 12, 2022. The property has 3,732 square feet of built space and 2,860 square feet of additional air rights for a total buildable of 6,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,741 and the price per buildable square foot is $984 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 Morris Cabasso and Ezra Erani was Morris Cabasso and Ezra Erani. The signatory for ASG Equities was Raymond Gindi. Raymond Gindi is associated with Gindi Equities and ASG Equities.  Other members of the Gindi family, Eli and Jeffrey, run Gindi Capital.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Gindi Equities had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Morris Cabasso had not purchased any other properties and had not sold any properties over the same time period. The 3,732-square-foot property generated revenue of $244,505 or $66 per square foot, according to the most recent income and expense figures.

The property

The 464 86th Street parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,200 square feet. The zoning is C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $6,250 in ECB penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Bay Ridge, the bulk, or 44 percent of the 29 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 20 percent of the space. In sales, Bay Ridge has 1.7 times the average sales volume among other neighborhoods with $553.7 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 297,578 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 44 commercial properties representing 55,720 square feet of the 274,227 square feet. The largest owner is ASG Equities, followed by Century 21 Inc. and then Theodore Vallas. There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 274,227 square feet of built space are mixed-use buildings, with retail buildings next occupying 16 percent of the space.

Correction: An earlier version of this article incorrectly identified the buyer as Gindi Equities. The correct buyer is ASG Equities. Raymond Gindi, the signatory, is a member of both companies.

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