Wafra Investment buys Village rental for $98M

The Nathaniel at 138 East 12th Street was completed just last year
By Tess Hofmann | February 24, 2015 12:34PM

Wafra Residential Value Invest, a fund managed by Wafra Investment Advisory Group, closed on the $98.3 million acquisition of the Nathaniel, a luxury rental building in Greenwich Village.

The seller of the 85-unit building at 138 East 12th Street was YYY Third Avenue LLC, a joint affiliate of Joy Construction Corp., which also developed the building. The 50,000-square-foot, Karl Fischer-designed property was completed last year and features 10,000 square feet of ground-floor retail space, as well as 8,000 square feet of basement level retail space occupied by Westside Market NYC. The building, which sits between Third and Fourth avenues and is two-and-a-half blocks from Union Square, also features a rooftop pool.

HFF’s  Andrew Scandalios, Eric Anton and Jose Cruz represented the seller, and another HFF team led by Steven Klein arranged financing for Wafra.

Studios in the building have recently rented for around $3,100, one-bedrooms for $5,000, and three-bedrooms for $10,500, according to StreetEasy data.