The Real Deal New York

Abraham Leser to buy 179-unit Bronx building for $34M

Rental property on Seward Ave. last traded in 2012 for $21M
By Chava Gourarie | November 23, 2016 12:10PM

Abraham Leser’s Leser Group is in contract to buy a 221,208-square-foot building at 2009-2025 Seward Avenue in the Bronx for $33.7 million, according to documents filed with the Tel Aviv Stock Exchange.

The eight-story, C-shaped building stretches from Seward Avenue to Homer Avenue in Castle Hill, in the south central section of the Bronx. It has 179 market-rate units across 195,608 square feet, and the property includes a 25,000-square-foot parking lot next door.

The building is currently 86 percent occupied, and net income from rent is about $1.65 million annually, according to the Tel Aviv documents.

The majority of the financing for the purchase will be through loans, with the remainder being provided by the company’s own funds.

The building is currently owned by the management company Arkar Inc., which bought the building from Michael Shah’s TRData LogoTINY Delshah Capital in 2012 for $21.3 million, according to property records. Arkar’s holdings include a six-story Hamilton Heights rental building.

The deal is set to close by February 2017.

The Leser Group was not immediately available for comment. The seller confirmed the details of the transaction.