Abro Management borrows $22.3M from New York Community for multifamily in Flatiron

Abro Management Corp. through the entity East 23 FO LLC as borrower signed a loan agreement with lender New York Community Bank valued at $22.3 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 66 residential units at 131 East 23rd Street in Flatiron. The deal closed on July 23, 2020 and was recorded on August 12, 2020.
The property contains a total of 56,670 square feet of built space.
The average loan per unit is $337,833.
The last time the property sold was November 18, 2011, when Abro acquired the fee interest for $5,450,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $199,472.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link