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Wavecrest completes sales.

Wavecrest completes sales

Wavecrest Realty 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 and Brooklyn, 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.

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 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 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 of Wavecrest Realty, who brokered several of the transactions, indicated that many institutions seem to be coming to terms with depressed market 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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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Wavecrest Realty Associates Inc.
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Nov 6, 1991
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