Sam Abed pays $28M to ASG Equities for parking garage in Bay Ridge

Sam Abed through the entity 426 Bayridge Realty LLC paid $28 million to ASG Equities through the entity 87th St B Blue Holdings LLC for the former Century 21 parking garage (G9) at 423 88th Street in Bay Ridge, Brooklyn.
The deal closed on October 16, 2025 and was recorded on November 13, 2025. The property has 188,975 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $148 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 ASG Equities was Raymond Gindi . The signatory for Sam Abed was Sam Abed. The contract date was March 25, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sam Abed had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller ASG Equities had not purchased any other properties and sold 15 properties in nine transactions for a total of $50.2 million over the same time period. The 188,975-square-foot property generated revenue of $3.6 million or $19 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Bay Ridge has 188,975 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 260 feet and is 225 feet deep with a total lot size of 45,495 square feet. The lot is irregular. 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 $21.6 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 $6,000 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 neighborhood

In Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has near average sales volume among other neighborhoods with $317 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 333,473 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 eight of the 18 commercial properties representing 238,288 square feet of the 333,775 square feet. The largest owner is ASG Equities, followed by Gindi Family and then Allied Properties.
There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 333,775 square feet of built space are industrial buildings, with mixed-use buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that ASG Equities owned at least 16 commercial properties with five residential units in New York City with 949,483 square feet and a city-determined market value of $204.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 949,483 square feet of built space are office properties, with industrial properties next occupying 14 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 19 percent of the space.

The buyer

The PincusCo database currently indicates that Sam Abed owned at least one commercial property in New York City with 29,225 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Bank of Hope. The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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