Wavecrest completes sales.Wavecrest completes sales Wavecrest Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Associates, Inc. a licensed real estate brokerage firm affiliated with The Wavecrest Management Team Ltd., a property management and brokerage firm with offices in Queens, Bronx Bronx, river, c.20 mi (30 km) long, issuing from Kensico Reservoir, SE N.Y., and flowing SW through the Bronx into the East River. The Bronx River Parkway, one of the first limited-access highways in the New York City area, parallels a portion of the river. and Brooklyn Brooklyn (br  k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. , are pleased to announce that Ciaran Swift has successfully completed the sale of a six-story brick walk-up apartment house containing 29 apartments and one store located on the Upper East Side of Manhattan Manhattan, indigenous people of North AmericaManhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). . The property was fully improved, consisting of new windows, new heating system, new roof, new wiring and approximately 25 apartments were total renovated. The building sat on a plot of 37-by-100 but was built 87 feet deep and carried a rent roll of approximately $225,000. Frank T. Chiarello, president of Wavecrest Realty Associates, Inc. assisted the seller, Resolution Trust Corporation, as Conservator conservator n. a guardian and protector appointed by a judge to protect and manage the financial affairs and/or the person's daily life due to physical or mental limitations or old age. for Yorkville Federal Savings Association through an exclusive listing arrangement to sell this rental property to one of the firm's investment clients. Although the sale was made on an all cash basis, Wavecrest was instrumental in assisting the owner in obtaining financing from a local Savings Institution for a term of five years with a five-year option. John Rossini and Michael Carrieri or Michael Coratolo Associates arranged the financing for the property. Yorkville Federal Savings Association was represented by Patrick Barth, Esq., of Manhattan. The purchaser was represented by Theodore Eppinger, Esq., of the Bronx. Wavecrest Realty Associates, Inc., has assisted this and other institutional lenders in disposing of their real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most portfolios. In addition, Wavecrest Realty Associates, Inc. a licensed real estate brokerage firm affiliated with The Wavecrest Management, announced that they have successfully closed the last parcel in a three-building portfolio that they handled exclusively on behalf of the Resolution Trust Corporation. The first closing in the portfolio was a fully improved five-story walk up apartment house consisting of 12 apartments, located on Grove Street in the West Village section of Manhattan. The second parcel to close was a fully improved six-story walk up apartment house consisting of 29 apartments and 1 store, located on the Upper East Side of Manhattan. The most recent closing was a fully renovated two-family house in the Throggs Neck section of the Bronx. Wavecrest indicated that all three of the parcels were sold to investment clients of the firm. Swift the sales manager sales manager n → gerente m/f de ventas sales manager n → directeur commercial sales manager sale n → of Wavecrest Realty, who brokered several of the transactions, indicated that many institutions seem to be coming to terms with depressed market Depressed market Market in which supply overwhelms demand, leading to weak and lower prices. conditions and are prepared to accept less than their ideal price rather than carry a loss on their books while riding out the current real estate recession. |
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