Chiarello of WRA Properties and investor group acquire six-story elevator building for $4.75 million

According to Frank Chiarello, president of Queens-based WRA Properties, Inc., he and a group of investors have purchased 126 Franklin Ave. The property is a six-story elevator building located just off Pelham Rd. in the "Echo Bay" section. There are 44 apartments with 13 garages and parking for 25 cars. Of the 44 apartments, there are 18 two bedrooms, 25 one bedrooms and one studio. The building consists of 41,700 s/f and the upper floors have a view of the Long Island Sound. Chiarello said, "This is a terrific investment opportunity, as the property has below market rents and had absentee ownership. We plan an aggressive hands-on management approach and we anticipate increasing income by 15% in the first 18 to 24 months. We are currently seeking similar investment opportunities." The property will be managed by partner, Dale Kaufteil of Harborview Properties of Larchmont. The property was purchased for $4.75 million and financing was provided by First National Bank of Long Island. The bank closed the loan in three weeks. The bank was represented by Albanese & Albanese of Garden City. The purchasing entity was represented by Berliner & Pilson, Esqs. of Great Neck.