WRA Properties, Inc.


WRA Properties Inc. - is a strategic alliance of professional knowledge of
  • Property Management
  • Investment Analysis
  • Brokerage Services

WRA MANAGEMENT aims to provide management services that are efficient and financially sound, caring and attentive to the needs of the owner and the community. This is accomplished by securing and maintaining good tenancy while preserving assets and controlling expenses, a management ethic that translates to a harmonious relationship, not just between manager and owner, but between manager and tenant.
In addition to their management skills, principals Frank Chiarello,  and Maryann Murphy combine their expertise in sales, leasing, brokerage, rehabilitation and development, co-op conversion and management and all phases of real estate accounting. 
This venture manages, maintains and supervises
WRA-MANAGEMENT has been instrumental in applying its skills to a diversity of complex problems facing the Real Estate industry such as:
  • curing the gaps in required rent registrations
  • filing for and collecting previous years' SCRIE's tax abatements
  • negotiating settlements of rent strikes and HPD actions
  • removing illegal tenants
  • collecting refunds for duplicate payments of taxes, other municipal charges, and utility bills
  • rectifying miscalculated escrow accounts
  • violation removal

WRA-MANAGEMENT also specializes in work-outs and turn-arounds of distressed properties held by institutions. Each property benefits from the full, direct involvement and expertise of at least one or more of WRA-MANAGEMENT's principals. (View our list of current and past Institutional Clients)

Specific Property Management Services

Our property management program is designed to satisfy the needs of each individual client, including institutional, private investors, syndications, co-ops and condominiums. We recognize property owners and co-operatives are in the investment business, not property management. With this in mind, we have developed a property management program that removes the burden of day to day property management from the owners and co-operative boards.

The property management services we provide include, but are not limited to, the following:

Financial:

  • Preparation of annual budgets
  • Preparation of Monthly Financial Reports
    • Summary of receipts and disbursements
    • Detail of collections by tenant/owner unit
    • Details of cash disbursed
    • List of unpaid vendor obligations
    • Comparison of budget to actual results
  • Collect all rent
  • Review of all vendors invoices for approval prior to payment
  • Printing and distribution of checks to all vendors
  • Prepare a long range plan of upcoming expenditures and include them in the budgeting process.

Property Management

  • All tenant relations
    • individual attention for tenants
    • responsive to tenants concerns
  • Periodic inspections of the property
  • Supervising attorneys on evictions
  • Billing and collection of rent on applicable units
  • Hiring all contractors and overseeing all repairs
  • Prepare and monitor all marketing materials including advertisements
  • Meet with owners on a periodic basis to review operation
  • Review and maintain the following files:
    • Building files
    • Tenant/Unit owners files
    • Paid Bills
    • Accounts payable
    • Insurance files

Property Maintenance:

  • Provide a well maintained and neat appearing property
  • Implement preventative maintenance program
  • Hire and supervise any subcontractors required
  • Review, approval and distribution of all building employees payroll
  • Provide supervision of all maintenance work performed on the property as to maintain the professional appearance of the property.
  • High quality maintenance with management follow-up
  • Timely response to maintenance problems by experienced vendors
  • Provide 24-Hour emergency contact persons, in the event of an emergency affecting the property, and develop and implement an emergency plan for the property
  • Purchase of building supplies
  • Obtain any and all contracts:
    • Elevator
    • Boiler
    • Exterminator
    • Air Conditioning
    • Heating and ventilation systems
  • Review maintenance expenditures with budgets to provide maxium income for the owner.

WRA-MANAGEMENT welcomes the opportunity to host inspections of its management properties which best showcase the professionalism and competence of its on-site staffs. Financial reports reflecting the soundness of its holdings are available upon request. WRA-MANAGEMENT will be pleased to arrange appointments with HUD and lending institutions that will indicate its consistently outstanding ability to manage, protect, and enhance the value of real property assets under its stewardship.

Mix of Mid-sized Commercial Venues

 

Multifamily Residential Properties

 

Cooperative Apartment Buildings

Blocks of Unsold Cooperative Shares


For more information about our services please complete our Contact form or call Frank T. Chiarello at (718)-224-9500 x130 or send us email.

FRANK T. CHIARELLO

Frank T. Chiarello is a licensed real estate broker with a history of successful involvement in the management and brokerage of residential and commercial real estate. Mr. Chiarello has been involved with the acquisition and disposition of over 600 real estate transactions predominantly multi-family residential housing, commercial retail property and performing/non-performing mortgages.

From 1976 through 1982, Mr. Chiarello associated with a Real Estate office in Upper Westchester where he was involved in the purchase and sale of small commercial properties and one family homes.

In 1982, Mr. Chiarello served as a Controller and Director of Acquisitions for a major Westchester realtor specializing in investment properties in New York and the surrounding areas. He attended contract negotiations, title closings, and oversaw and directed legal counsel.

In 1990, Mr. Chiarello was a co-founder of WRA Properties, Inc. As President of the company Mr. Chiarello is responsible for identifying and developing new business, directing the commercial and residential real estate brokerage and valuation divisions and assisting our Bank and Financial Institutional clients in the exclusive disposition and valuation of their commercial, residential and multi-family portfolios. He also assists and directs field property managers in the daily operation of asset management.

Mr. Chiarello is a consultant to a number of Financial Institutions providing expertise in mortgage and real estate valuation. His successful business endeavors are built upon his long term experience and fine-tuned expertise. Mr. Chiarello and holds a B.B.A. in Accounting from Iona College and is a member of the Bronx-Manhattan Board of Realtors and The New York State Commercial Association of Realtors (NYSCAR).

MARYANN MURPHY

MARYANN MURPHY has been actively engaged in the real estate business for over 25 years.

 From 1980 through 1990, she was associated with a major Real Estate firm in Upper Westchester where she was Assistant to the Controller of Mortgage Servicing and later Assistant to the Director of Acquisitions of investment property and mortgages.

 In 1990, Ms. Murphy was a co-founder of WRA Properties, Inc., as Vice President of the company Ms. Murphy is responsible for all aspects of property management, mortgage servicing, and the day-to-day operation of the company.

She is instrumental in the implementation of customized computer software for the property management division. These innovations have monitored and lowered costs and expenses translating into greater productivity. She is involved in all aspects of building management ensuring properties are running efficiently. She oversees building operations and maintenance, establishes rigorous standards regarding building expenses, personnel, service contracts, preventative maintenance, and code compliance.  She maintains extensive contact with each client's owners, Board of Directors, banks, attorneys and CPAs. She is directly involved with registration and renewals of stabilized and rent controlled tenants, preparation and execution of all necessary residential and commercial leases, performs necessary credit review of prospective tenants and prospective shareholders including the review of all applications for rent and cooperative purchases/subleases, supervision of all legal proceedings, financial reporting, bill auditing and supervision of building improvements and repairs.  

She has also been successful in assisting in the refinance of mortgages for owners in order for them to obtain additional capital and lower interest rates thereby increasing cash flow.

 Ms. Murphy is a member of the Bronx-Manhattan North Board of Realtors.

 

[Return to Top]

Copyright 2001 WRA Properties, Inc. All rights reserved.