Abro Management signs $13.3M refi with Chase for 121-unit rental in Forest Hills

Abro Management through the entity 109-10 Queens Blvd. LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $13.3 million for the 121-unit residential elevator building (D6) at 109-10 Queens Boulevard in Forest Hills, Queens.
The deal closed on September 5, 2025 and was recorded on October 10, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $15 million.The property has 87,305 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $152 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on April 30, 2013, for $1.8 million. The signatory for Abro Management was Martin Scharf and Richard Scharf .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Martin Scharf, head officer and Richard Scharf, officer. The business entity is 109-10 Queens Blvd Llc. The 87,305-square-foot property generated revenue of $2.7 million or $31 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 121 residential units in Forest Hills has 87,305 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 105 feet and is 107 feet deep with a total lot size of 10,803 square feet. The lot is irregular. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $12.7 million. The property has 120 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one housing violation and $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 125,185 square feet of the 226,022 square feet. The largest owner is Abro Management, followed by Friedman Management and then Manouchehr Malekan.
On the tax block, there was one new building construction project filed totaling 53,169 square feet. It is a 46-unit, 53,169 square-foot residential (R-2) building submitted by Paraag Sarva and filed by Paraag Sarva with plans filed October 23, 2015 and permitted November 1, 2016.

The majority, or 71 percent of the 226,022 square feet of built space are elevator buildings, with office buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that Abro Management owned at least 45 commercial properties with 2,604 residential units in New York City with 2,543,991 square feet and a city-determined market value of $322.3 million. (Market value is typically about 50% of actual value.) The portfolio has $223.7 million in debt, with top three lenders as New York Community Bank, Ladder Capital, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 95 percent of the 2,543,991 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

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