Abro Management signs $40M refi with New York Community for two UWS rentals

Abro Management through the entity 16 East 40 LLC as borrower signed a refi loan with lender New York Community Bank valued at $40 million for two rentals including the 76-unit rental (D3) at 203 West 106th Street in Upper West Side, Manhattan and 76-unit rental (D7) at 209 West 106th Street in Upper West Side, Manhattan.
The deal closed on November 9, 2021 and was recorded on November 17, 2021.
The two properties have 214,201 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $186 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 signatory for Abro Management was Richard S. Scharf.

The owners according to the Department of Housing Preservation and Development includes Martin Scharf, head officer and Richard Scharf, officer. The business entity is 207-211 W 106 Llc.

Within a 400-foot radius of 209 West 106th Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, three were sales above $5 million totaling $27.8 million. The most recent of the three was Goddard Riverside Community Center which bought the 21,144-square-foot, 95-unit hotel (HS) on 235 West 107th Street for $12.6 million from Irene Shreyberg and Margules Family Partnership on June 29, 2021.
Of those eight items, five were loans above $5 million totaling $43.4 million. The most recent of the five was East Bay Company which borrowed $7.2 million from New York Community Bank secured by the 12,430-square-foot, 12-unit rental (C4) on 219 West 106th Street and two other properties on November 5, 2021.

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