Abro sells three Bronx elevator buildings for $27M

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

TRD 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

448 East 143rd Street in the Bronx (Credit: Google Maps)

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

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

Here’s what the $20M-$30M NYC investment sales market looked like last week

A rendering of 210 East 135th Street 

Cheskel Schwimmer lands $65M construction loan for South Bronx project

An aerial of 1580 Story Avenue in the Bronx (Credit: Google Maps)

Brooklyn developer Joel Braver planning gargantuan resi project in the Bronx

arrow_forward_ios