Miller and Nigido of Eastern Consolidated and Nelson of Massey Knakal rep seller in $10.7 million sale

A 17,000 s/f, 30-unit residential apartment building located in the Greenwich Village at 227-29 Waverly Place aka 184 Seventh Ave. South, has traded for $10.7 million to Renaissance Properties. Situated across from the Rudin family's approved mixed-use development at St. Vincent's, the transaction was co-brokered by Eastern Consolidated and Massey Knakal. Eastern Consolidated's Alan Miller, executive managing director, and Paul Nigido, senior financial analyst, together with Massey Knakal's James Nelson, partner, acted on behalf of seller Barnel Apartments, Inc. Miller, along with Roberto Ortiz, senior director at Eastern Consolidated, represented Renaissance Properties. "No doubt the value of this property is enhanced by its close proximity to the Rudin luxury development site," said Miller, who added that the building also includes two commercial units. The new owner's plans for the building are to gut renovate the apartments as they become vacant and hold the asset long term. The Rudin development will be an $800 million, 590,000 s/f residential complex with 450 units, 10,000 s/f of ground floor retail, 20,000 s/f of medical office, 15,000 s/f of public spaces and a 152-space on-site parking garage. 227-29 Waverly offers protected natural light on all four sides of the building. Located between Perry St. and West 11th St., the property is positioned on one of the village's most historic of streets. The rear of the building is exposed as it fronts on Seventh Avenue South offering rare light into the back apartments. It is also situated near to a wide variety of public transportation options. Adjacent to both the north and south of the property on Seventh Avenue South are triangular taxpayers which will not be developed because of the size and shape as well as being located in the Greenwich Village Historical District. "In addition to the stellar West Village location, the average rent for the one and two-bedroom apartments is $1,561 per month, which is at least 50% below market rates, offering tremendous upside for new ownership," said Nigido. Founded in 1981, Eastern Consolidated is one of the country's preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers. Massey Knakal is a diversified real estate company, exclusively representing owners in the sale, retail lease and/or financing of their properties. With over 100 employees, four offices and thorough coverage of the five boroughs of New York City, Westchester County, Long Island and New Jersey, Massey Knakal dominates the New York metropolitan area's property transaction marketplace. Since 1988, our agents have closed over 4,000 building sales transactions having a market value in excess of $14 billion.