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

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

California passes landmark rent control law

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

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

New York City investment sales in July 2019

145-65 Wolcott Street in Brooklyn, 3428 Park Avenue in the Bronx and 20 East 35th Street (Credit: Google Maps)

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

Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

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

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

arrow_forward_ios