Abro Management signs $7M refi loan with Northfield Bank for 100-unit rental in Concourse

Abro Management through the entity Gerard Realty LLC as borrower signed a refi loan with lender Northfield Bank valued at $7 million for the 100-unit residential elevator building (D3) at 831 Gerard Avenue in Concourse, Bronx.
The deal closed on May 16, 2023 and was recorded on June 23, 2023. The prior lender was Flagstar Bank which held debt that had an original loan amount of $7 million.The property has 107,250 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $65 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 Scharf. The signatory for Northfield Bank was William G. Krejci.

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 Gerard Realty Llc. The 107,250-square-foot property generated revenue of $1.5 million or $14 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 100 residential units in Concourse has 107,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 130 feet and is 123 feet deep with a total lot size of 16,200 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The property is in the Grand Concourse Historic District. The city-designated market value for the property in 2022 is $5.1 million.

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 11 housing violations, $400 in OATH penalties, and one housing litigation 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 five of the 11 commercial properties representing 401,753 square feet of the 455,173 square feet. The largest owner is Ved Parkash, followed by Solil Management and then Abro Management.
On the tax block, there was one new building construction project filed totaling 151,249 square feet. It is a 134-unit, 151,249 square-foot residential (R-2) building submitted by M. Melnick & Co. and filed by Aaron Segal with plans filed January 31, 2014 and permitted January 21, 2016.

The majority, or 82 percent of the 455,173 square feet of built space are elevator buildings, with retail buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Abro Management owned at least 47 commercial properties with 2,648 residential units in New York City with 2,578,787 square feet and a city-determined market value of $330.7 million. (Market value is typically about 50% of actual value.) The portfolio has $161.4 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Northfield Bank respectively. Within the portfolio, the bulk, or 94 percent of the 2,578,787 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

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