Abro Management refinances $25.4M for multifamily in Upper East Side, Jamaica

Abro Management refinanced $25.4 million in two transactions with two separate banks, with the larger on the Upper East Side and the other in Jamaica.
In the first transaction, Abro Management through the entity 115-117 East Realty LLC as borrower signed a loan agreement with lender New York Community Bank valued at $17 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 38 residential units at 115 East 82nd Street in the Upper East Side. The deal closed on July 23, 2020 and was recorded on August 6, 2020.
The property contains a total of 50,592 square feet of built space.
The average loan per unit is $447,921.
The prior maximum debt, provided in 2015, was $18 million.
The signatory for Abro was Richard Scharf.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $294,015.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Abro Management through the entity 89-16 175 LLC as borrower signed a loan agreement with lender Morgan Stanley Bank, N.A. valued at $8.4 million for 3 parcels, including the tax class commercial condominium unit (R5) and containing 55 residential units at 89-16 175th Street, 89-16 175th Street, 89-16 175th Street in Jamaica. The deal closed on July 7, 2020 and was recorded on August 6, 2020.
The property contains a total of 10,963 square feet of built space.
The average loan per unit is $152,727.
The prior maximum debt, provided by Capital One, was $11.1 million. The last time the property sold was May 15, 2014, for $15,000,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link