The Real Deal New York

Abro sells three Bronx elevator buildings for $27M

Partnership led by investor Vincent Gjonaj closes on 155-unit Bedford Park rentals

May 13, 2016 01:55PM
By Rey Mashayekhi

253 East 202nd Street

253 East 202nd Street in Bedford Park

A partnership led by Bronx investor Vincent Gjonaj closed on the purchase of three multifamily buildings in the borough’s Bedford Park section from Long Island-based Abro Management Corp. for $27.3 million.

Gjonaj’s Nincila Properties acquired the elevator buildings – two connected properties at 253 East 202nd Street and 254 East 203rd Street, and an adjacent building at 254 East 202nd Street – in an off-market transaction with Abro, which is based in Woodmere, N.Y., and led by president Richard Scharf.

Combined, the buildings hold 155 rent-regulated apartments across nearly 165,000 square feet and feature 55 indoor garage parking spaces. The two connected buildings house 105 units across 101,000 square feet and have 35 indoor parking spaces, while 254 East 202nd Street holds 50 apartments across nearly 64,000 square feet and has 20 parking spots.

Midtown-based Friedman-Roth Realty Services represented both the buyer and seller, with broker Wells Newell handling the deal on behalf of Abro and Guiseppe Inglese procuring the purchaser, the brokerage said in a statement.

Abro owned the properties, which were constructed in the 1960s, for more than 20 years – having acquired them in 1994.

The landlord acquired a 86-unit, 92,000-square-foot East Village rental building from David Kramer’s Hudson Companies for $60 million last year, as The Real Deal reported.

Abro did not return requests for comment, while Gjonaj could not immediately be reached for comment.

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