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On Thursday March 16th, Abro Management, bought two neighboring Brighton Beach rental buildings from the Hudson Companies for $46.9 million, as reported by The Real Deal. The purchase includes 1125 Banner Avenue, which is 11 stories; and 2750 East 12th Street, which is seven stories. Together the South Brooklyn buildings span 115,000 square feet, and boast 102 apartments. The closing price works out to $408 per square foot in the deal, which was brokered by Steven Vegh of Westwood Realty Associates. The market-rate for the rentals range between $2,650 to $4,100 per square foot.
Abro, the real estate and investment firm based in Woodmere, is owned by Richard Scharf. Abro is now the third owner to change hands on the buildings since they
Izaki Group Investments has released plans to build a 20-story condominium tower in the Upper East Side. As per The Real Deal, the firm, which is the U.S. division of Israeli based development company IGI, purchased the development site last month for $42 million. The company purchased the three adjacent walkups at 310-314 East 86th Street, from Gary Barnett’s Extell Development. The tower will be conveniently located near the Second Avenue subway , which was finally opened only weeks before
The Kushner family’s company stands to receive more than $400 million from Anbang, a Chinese company that is investing in the Kushner’s office tower at 666 Fifth Avenue in Manhattan. As reported by Bloomberg News, the proposed $4 billion transaction contains terms that some real estate experts have described as unusually favorable towards the family of President Trump’s son-in-law. It provides the Kushner family with the impressive cash payout from Anbang Insurance Group, as well as forgiveness
According to recent documents in federal bankruptcy court, the owner of a sleazy apartment building in Midtown that has faced many lawsuits for years, has agreed to bring the property up to code and pay $375,000 to settle millions of dollars' worth of outstanding violations.
One of the multiple owners of 44o W. 41st Street is Ben Zion Suky, who for years has been renting apartments in the building for terms less than 30 days which is in direct violation of city code, according to City Hall
In 2015, Chetrit Partners and Somerset had announced plans to undergo a development project in the South Bronx between 2401 Third Avenue and 101 Lincoln Avenue. The mixed residential and commercial complex will contain 1,300 units on the Mott Haven waterfront.
There will be seven buildings in total, each of which will be 25 stories tall. There has been a one year lag in the development of the area due to the Developers decision to change the plan to include only two towers that would cost