Tryline Capital pays $15.4M to Naftali Group for residential elevator building in East Williamsburg

Tryline Capital Management through the entity 65 Tryline LLC paid $15.4 million to Naftali Group through the entity Lordan Maspeth LLC for 21-unit residential elevator building at 65 Maspeth Avenue in East Williamsburg, Brooklyn.
The deal closed on January 27, 2022 and was recorded on February 8, 2022.
The property has 28,430 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $542 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 20, 2010, for $6.5 million.
The signatory for Naftali Group was Yoseph “Yosi” Manor. The signatory for Tryline Capital Management was Keith Egbert.
Prior to this transaction, the buyer Tryline Capital Management had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Naftali Group purchased five properties in five transactions for a total of $245.2 million and sold two properties in two transactions for a total of $32 million over the same time period.
The 28,430-square-foot property generated revenue of $780,010 or $27 per square foot, according to the most recent income and expense figures.

(301597341) Plans for a 21-unit, 200 square-foot R-2 were filed on August 31, 2004 and were permitted on May 16, 2006.
Manor is CFO and managing member of TNG Management, according to his LinkedIn. The buyer, Tryline Capital, on the deed had a signatory at the Goldman Sachs personal finance management company Ayco. The signatories on the loans were William W. Harsh, son of Hewlett Packard CEO and presidential candidate Meg Whitman and Jaryn Horner.
In East Williamsburg, the majority, or 58 percent of the 17.8 million square feet of built space are industrial buildings, with residential walkup buildings next occupying 9 percent of the space. In sales, East Williamsburg has 1.2 times the average sales volume among other neighborhoods with $335.5 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, East Williamsburg has 1.4 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On the tax block, the majority, or 47 percent of the 103,331 square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 28 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Eva Malachi, head officer and Shimica Carr, officer. The business entities are Douglas Elliman Property Management and Lordan Maspeth Llc.
Within a 400-foot radius of 65 Maspeth Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on December 13, 2021 for a 457,444-square-foot R-2 building with 311 residential units at 89 Maspeth Avenue.
Of those five items, three were loans above $5 million totaling $38.8 million. The most recent of the three was Yoseph Manor which borrowed $9.4 million from Israel Discount Bank secured by the 7,500-square-foot, eight-unit rental (C1) on 64 Maspeth Avenue and two other properties on June 23, 2021.

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