Abro signs $58M refi with Ladder for rentals in East Village, Kips Bay

Abro Management through the entity 200 Realty Owner LLC as borrower signed a refi loan with lender Ladder Capital through the entity Ladder Capital Finance LLC valued at $58 million for two residential elevator properties with 188 residential units including the 86-unit residential elevator building (D1) at 225 East 6th Street in East Village, Manhattan and 102-unit residential elevator building (D6) at 425-429 Third Avenue in Kips Bay, Manhattan.
The deal closed on May 29, 2025 and was recorded on June 11, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $63.1 million. The two properties have 158,083 square feet of built space and 15,071 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $366 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 Ladder Capital was David Traitel .

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 225 East 6th Llc. The two properties with a total of 158,083 square feet of built space generated revenue of $7.9 million per year or $50 per square foot.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $12,450 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 the tax block of 225 East 6th Street, PincusCo has identified the owners of eight of the 13 commercial properties representing 379,186 square feet of the 462,807 square feet. The largest owner is City Of New York, followed by Abro Management and then Jakobson Properties.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 462,807 square feet of built space are specialty buildings, with elevator buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Abro Management owned at least 46 commercial properties with 2,604 residential units in New York City with 2,548,991 square feet and a city-determined market value of $323.6 million. (Market value is typically about 50% of actual value.) The portfolio has $165.7 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 2,548,991 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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