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WRA Properties, Inc.

Frank T. Chiarello, president of Manhattan and Queens New York-based WRA Properties, Inc., is pleased to announce the sale of 11131123 Lexington Avenue.

The property was marketed as an exclusive from the New Rock Portfolio, a portfolio of over 90 proper ties originally acquired in 1993 by an affiliate of the Emmes Group of Companies. After an extensive campaign and a heated bidding war, the properties were sold for $4.35 million. Barbara Rohregger of WRA represented the seller.

The property consists of two four-story walk-up buildings with 122 feet of frontage on Lexington Avenue that were gut renovated in the early 90's. They contain three retail stores, two commercial units and six free market residential units. One Qf the retail leases is due in a few years and is paying a rent that is substantially below market, providing upside for the buyers.

The buildings are around the corner from Lenox Hill Hospital on the corner of 78th Street and Lexington Avenue and offered the buyer an opportunity to own a prime property in an excellent location with significant upside. In addition, air rights are intact. The buyer and his family acquire long term investments to add to their portfolio.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Apr 12, 2000
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