NEW YORK CITY—A fund managed by Wafra Investment Advisory Group has acquired The Nathaniel mixed-use project in Greenwich Village here from a joint venture affiliate of Joy Construction Cos. for $98.25 million.
The transaction was announced today by HFF, which arranged the sale and the financing for the purchase of the 85-unit, luxury, boutique nine-story building with ground floor retail at 138 East 12th St.
HFF represented the seller, YYY Third Avenue, LLC, a joint venture affiliate of Joy Construction. Wafra Residential Value Invest I, L.P., a fund managed by Wafra Investment Advisory Group, Inc. of New York City, purchased the property that was completed last year. The financing was secured through a large banking and financial service institution, HFF states.
The 49,741-square-foot building has 10,000 square feet of ground-floor retail space and 8,000 square feet of below-grade retail space leased to Westside Market NYC. Designed by Karl Fischer Architect, the residential building features floor-to-ceiling windows, a 24-hour doorman, resident lounge with a TV/media center and billiards, rooftop reflecting pool, sunset terrace, private fitness center and bike storage.
The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios, Eric Anton and Jose Cruz, managing director Jeffrey Julien and director Rob Hinckley. The HFF debt placement team representing the borrower was led by managing director Steven Klein and director Jennifer Keller.
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