WRA Properties, Inc.
The subject property is a six-story self-service elevator building. The property, previously vacant, was gut renovated from cellar to roof and all new mechanicals, including elevator, electrical, plumbing and heating. The sellers, who are contractors in the renovation business, transformed the previously dilapidated property into 28 spacious apartments, of which 23 are large two-bedrooms. The purchaser is a local New York investor with several holdings in New York and Florida. The property sits on a 50 x 100 plot built 87 feet deep and the projected annual rent roll was more than $400,000. The property overall transaction is valued at more than $2.1 million.
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|Title Annotation:||broker of East Harlem property|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Jun 14, 2000|
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