Abro Management signs $7.2M refi with JPMorgan Chase for 6-unit rental in Forest Hills

Abro Management through the entity 76th Road Realty LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $7.2 million for the 60-unit residential elevator building (D1) at 111-09 76th Road in Forest Hills, Queens.
The deal closed on September 5, 2025 and was recorded on October 15, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $7.1 million. The property has 53,455 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $135 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 Martin Scharf and Richard Scharf . The signatory for JPMorgan Chase was Ursula Flores .

Prior sales and revenue

The 53,455-square-foot property generated revenue of $1.3 million or $25 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 60 residential units in Forest Hills has 53,455 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 142 feet and is 92 feet deep with a total lot size of 13,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.1 million. The property has 38 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 $550 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 three of the four commercial properties representing 181,092 square feet of the 200,567 square feet. The largest owner is Landau Real Estate, followed by Ramin Sarraf and then Abro Management.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 200,567 square feet of built space are elevator buildings, with retail buildings next occupying 10 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 $236.9 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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