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Abro Management buys two Brighton Beach rentals from Hudson Companies for $47M
Scharf is the buildings' third owner since they were built in 2013
Richard Scharf’s Abro Management nabbed two adjacent Brighton Beach rental buildings from the Hudson Companies for $46.9 million, sources told The Real Deal.
Abro, a Long Island-based investment firm, is now the third owner of the luxury rental buildings in just the four years since they’ve been built. GFI Capital Resources Group developed them in 2013, then sold them to David Kramer’s [TRDataCustom] Hudson Companies for $39.5 million in 2014.
The property at 1125 Banner Avenue rises 11 stories, and the other at 2750 East 12th Street has seven. Together, they have 102 apartments and span 115,000 square feet.
The South Brooklyn buildings’ market-rate rentals range in rent from $2,650 to $4,100 per square foot.
Hudson had purchased them as part of a $200 million fund it created to invest in real estate in New York City neighborhoods hit hard by Hurricane Sandy. New York City Pension Funds have provided the funds.
Abro closed Thursday for $408 per square foot.
Westwood Realty Associates’ Steven Vegh brokered the deal. Vegh, Hudson and Abro could not be immediately reached for comment.
In the past year, Abro has done its fair share of both buying and selling – with the purchases of a 47-unit East Village rental for $28 million and a piece of an A&E Real Estate Holdings’ $60 million portfolio. It sold three Bronx buildings for $27.3 million and two properties in Astoria for $13.6 million.