The Real Deal New York

Abro buys Hudson Cos.’ East Village rental for $60M

The Hudson East sells for the first time since 1997 construction
By Mark Maurer | June 02, 2015 11:00AM

Abro Management bought a 92,000-square-foot East Village rental building known as the Hudson East from the Hudson Cos. for $60 million, The Real Deal has learned.

The Hudson Cos., a development firm led by David Kramer and William Fowler, built the six-story, 86-unit property at 223-237 East 6th Street in 1997. The firm bought the site out of bankruptcy in 1994 and sold off an adjacent four-story former home of the rock club the Fillmore East Theater, which faced Second Avenue.

Abro, a Long Island-based property management firm led by Richard Scharf, is planning a long-term hold, said Rosewood Realty Group’s Aaron Jungreis, who brokered the deal with colleague Devin Cohen.

Rents at the building range from $2,950 to $6,300 per month, according to StreetEasy. Average market-rate rents in the neighborhood are about $3,000 per month, data from Citi Habitats’ April market report showed.

The 191-foot-wide property is part of the 80/20 housing program.

“You can’t really convert an 80/20 building,” Jungreis.

Last year, Abro picked up a six-story rental building in Jamaica, Queens.