Naftali Group $39.5 million sale of Williamsburg portfolio
We advised Naftali Group on the sale
Davis Polk advised affiliates of the Naftali Group in connection with the $39.5 million sale of a portfolio of three apartment buildings in the Williamsburg neighborhood of Brooklyn to affiliates of Tryline Capital LLC. A portion of the sale proceeds are anticipated to be used to acquire replacement properties as part of a 1031 exchange.
The Naftali Group is a New York-based real estate development company, which has been one of New York’s most active real estate developers of residential, commercial, institutional, mixed-use and retail properties, and owns, develops and operates a number of residential buildings throughout New York City.
Tryline Capital LLC is a real estate investment and development company focused on multifamily and mixed-use properties that are located in New York City, Philadelphia, Washington DC and select markets in the Southeast.
The Davis Polk real estate team included partner Michael J. Rishty and associate Gregory D. Crane. Partner Ethan R. Goldman and associate Bradford Sherman provided tax advice. All members of the Davis Polk team are based in the New York office.