Abro Management buys two Brighton Beach rentals from Hudson Companies for $47M

Scharf is the buildings' third owner since they were built in 2013

TRD NEW YORK /
Mar.March 17, 2017 10:40 AM

From left: Steven Vegh, 1125 Banner Street and David Kramer

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 TRData LogoTINY 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.


Related Articles

arrow_forward_ios
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

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

FM Capital's David Brecher and LIVWRK's Asher Abehsera with 160 Van Brunt (Credit: Google Maps)

Red Hook home of Tesla showroom up for sale

Clockwise from top left: 255 East 18th Street, 27-34 Jackson Avenue, 925 Prospect Place, 343 East 17th Street and 311 First Avenue (Credit: Google Maps)

Gramercy Park dev site leads New York’s mid-market investment sales

East Williamsburg’s Williamsburg Houses and the Harlem River Houses and (Credit: Wikipedia)

NYCHA inks $1.5B deal to privatize management of 5,900 units

Infinity Real Estate's Steve Kassin and 1715 East 13th Street (Credit: Infinity Real Estate)

South Brooklyn mixed-use shopping portfolio trades for $165M

LA — not Manhattan — topped US investment sales in 2019

LA — not Manhattan — topped US investment sales in 2019

GIC CEO Lim Chow Kiat with Industry City (Credit: Industry City, GIC)

Singapore sovereign wealth fund buys stake in Industry City

arrow_forward_ios
Loading...