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1453 York Avenue

Abro Management Refinances 90-Unit Multifamily Building In Lenox Hill, Manhattan For $20.9M With JPMorgan Chase
FINANCEDMultiFamily

Abro Management Refinances 90-Unit Multifamily Building In Lenox Hill, Manhattan For $20.9M With JPMorgan Chase

1453 York Avenue

$20,865,000

Units

90

Asset Type

MultiFamily

Closing

Apr 4, 2023

AI

Abro Management has refinanced their 90-unit residential elevator building located at 1453 York Avenue in Lenox Hill, Manhattan. The property was sold by JPMorgan Chase for $24.5 million to Abro Management, who later refinanced the property for $20.9 million with JPMorgan Chase. The property is a multifamily asset with 90 units and is situated in the Lenox Hill market in Manhattan.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $20,865,000
  • Address: 1453 York Avenue, Lenox Hill, Manhattan
  • Market: Lenox Hill, Manhattan
  • Units: 90

The lender for the refinancing deal is JPMorgan Chase, represented by Jennifer Smith. Meanwhile, Abro Management, led by Richard Scharf, serves as the landlord of the property. The property, owned by Martin Scharf and Richard Scharf through their business entity, 77 Realty LLC, generates $3.2 million in revenue.

Players

Richard Scharf

Abro Management

Landlord

$54.7M

vol

5 deals

Landlord

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.76%

Cash-on-Cash

-0.22%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93