The Real Deal New York

Lenox Hill apartment building sells for $191M

By Adam Pincus | August 22, 2008 10:37AM

A 44-unit luxury rental building in Lenox Hill sold to a Woodmere-based company for $191.8 million.

Rents in the 11-story, pre-war building at 814 Madison Avenue ranged over the past two years from $3,100 for a one-bedroom to $30,000 for a five-bedroom unit, listings on StreetEasy showed.

The buyers were three special purpose companies with offices at Abro Management Corporation, according to property records published today. Richard Scharf, CEO of Abro Management, was identified as the president of the companies.

The buyers took out a $130 million loan from Column Financial, records showed. The sellers were listed as Madison-68 Corporation of Manhattan.

The 1913 building at the corner of 68th Street was originally known as the Marquand. In addition to the rentals, it also has six commercial units, with tenants including Malo, the high-end Italian fashion designer.

Abro recently sold two apartment buildings in Upper Manhattan to Vantage Properties for $40.2 million.

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