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Multi-family properties sold.

Wavecrest Realty Associates, Inc. announced that they have sold two parcels in Manhattan with a total of 105 units and two stores.

The first property, a six-story elevator apartment building with 54 apartments and two stores on Seventh Avenue in the West 130's, carried a total annual rent roll of $300,000. The property was sold to an investment client of the firm for a price of $850,000, all cash. Ciaran Swift, sales manager of Wavecrest, represented both the buyer and the seller in this transaction.

The second property, a package of three five-story walkup apartment buildings with 51 units in the West 170's of Washington Heights, was purchased by an investment group headed by the principals of Wavecrest Realty Associates, Inc., then sold to an investment client. Besen, Fuchs & Associates represented the seller and Taylor Co. represented the purchaser.

Frank Chiarello, president of

Wavecrest Realty Associates, Inc., indicated that, in addition to these sa)es, Wavecrest Management Tem, Ltd., was recently appointed exclusive managing agent of eight buildings, containing 400 plus units widi a combined rent of over $2 million per year.
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Title Annotation:apartment buildings in New York, New York
Publication:Real Estate Weekly
Date:Apr 14, 1993
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