Abro sells three Bronx elevator buildings for $27M

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

New York /
May.May 13, 2016 01:55 PM

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 StreetAnd 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.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

Maddd Equities, Joy Construction score $64M for massive Bronx project
Clockwise from top left: 1529 62nd Street in Bensonhurst, 46-28 21st Street in Long Island City, 128 Houston Street in the Bowery, 718 East 211 Street in East Bronx and 47 West 55th Street in Midtown (Google Maps)

Mid-market sales slow in final weeks of the year

Mid-market sales slow in final weeks of the year
From left: Eliot Spitzer, 420 Kent Avenue, Two Trees Management’s Jed Walentas  and 300 Ashland Place in Brooklyn (Photos via Getty; ODA Architecture, 300 Ashland)

These were the largest outer-borough real estate loans in November

These were the largest outer-borough real estate loans in November
Union Crossing at 825 East 141st Street with LibreMax's Greg Lippmann (Union Crossing Bronx; LibreMax)

$78.6M sub-performing loan on Union Crossing up for sale

$78.6M sub-performing loan on Union Crossing up for sale
Silvercup Studios (Getty)

Outer-borough loan activity fired up in October

Outer-borough loan activity fired up in October
2055 Anthony Avenue and 1416 Ferris Place (Google Maps)

Ved Parkash picks up Fordham Heights apartment building

Ved Parkash picks up Fordham Heights apartment building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...