Tryline Capital pays $38M to Naftali Group, follows earlier $15M sale

Tryline Capital Management paid a total of $38.07 million to the Naftali Group through three transactions for four residential buildings and three vacant lots. The purchases follow on a similar transaction that was recorded two days earlier in which Tryline paid $15.4 million to Naftali for a rental building.

In the largest transaction, Tryline Capital Management through the entity 64 Tryline LLC paid $15.7 million to Naftali Group through the entity Naft64, LLC for eight-unit residential walkup building at 64 Maspeth Avenue in East Williamsburg, Brooklyn, eight-unit residential walkup building at 66 Maspeth Avenue in East Williamsburg, Brooklyn, and eight-unit residential walkup building at 68 Maspeth Avenue in East Williamsburg, Brooklyn.

To fund that purchase, Tryline Capital Management signed an $8.3 million acquisition loan with Societe Generale for three Maspeth Avenue residential walkup buildings.

The deal closed on January 27, 2022 and was recorded on February 10, 2022.
The three properties have 22,500 square feet of built space for a total buildable of 22,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $696 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 signatory for Naftali Group was Yoseph Manor. The signatory for Tryline Capital Management was William W. Harsh.
Prior to this transaction, the buyer Tryline Capital Management purchased one properties in one transactions for a total of $15.4 million 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 five properties in five transactions for a total of $73 million over the same time period.
The three properties with a total of 22,500 square feet of built space generated revenue of $463,500 per year or $21 per square foot. The sale price per square foot was $697.

Jaryn Horner, who signed on the acquisition loan, is a Managing Partner at Tryline Capital. 

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In the second transaction, Tryline Capital Management through the entity 4720 Jr LLC paid $14 million to Naftali Group through the entity 101 H 4720 Third Ave LLC for development parcels at 4720 3rd Avenue, 4734 3rd Avenue and 448 East 189th Street in Belmont/Little Italy, Bronx.
The deal closed on January 19, 2022 and was recorded on February 10, 2022.
The three properties have 0 square feet of built space and 178,060 square feet of additional air rights for a total buildable of 178,060 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $78 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 signatory for Naftali Group was Yoseph Manor. The signatory for Tryline Capital Management was William W. Harsh.

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In the third, Tryline Capital Management through the entity 484 Tryline LLC paid $8.4 million to Naftali Group through the entity Lordan Humboldt LLC for 21-unit residential elevator building at 484 Humboldt Street in Williamsburg, Brooklyn.
The deal closed on January 27, 2022 and was recorded on February 10, 2022.
The property has 13,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $622 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 November 29, 2010, for $5.1 million.
The signatory for Naftali Group was Yoseph Manor. The signatory for Tryline Capital Management was William W. Harsh.
Prior to this transaction, the buyer Tryline Capital Management purchased one properties in one transactions for a total of $15.4 million 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 five properties in five transactions for a total of $73 million over the same time period.
The 13,500-square-foot property generated revenue of $598,295 or $44 per square foot, according to the most recent income and expense figures.

Direct link to Acris document. link