Five Brooklyn Multifamily Buildings Sell for $33M (UPDATED)

A New York City-based real estate firm has paid $32.5 million to purchase five multifamily properties — three walk-ups and two elevator-equipped buildings — in East Williamsburg, Brooklyn. 

109Co paid the sum to Tryline Capital Management in several separate transactions. PincusCo first reported the deal, but had details on only four of the buildings.

109Co paid $12.23 million to Tryline for three separate but adjoining eight-unit walk-up buildings at 64, 66 and 68 Maspeth Avenue, which have a combined total of 22,500 square feet of buildable space. Tryline had purchased the properties from Naftali Group in January 2022 for $15.7 million.

109Co also paid Tryline $11.98 million for the 28,430-square-foot, 21-unit residential elevator building across the street at 65 Maspeth Avenue, which Tryline had purchased in January 2022 from Naftali Group for $15.4 million, according to PincusCo.

And, 109Co paid $8.3 million for a 18,000-square-foot, three-story, 21-unit elevator-equipped building seven blocks away at 484 Humboldt Street.

As of 2024, one-bedroom apartments at 64 Maspeth Avenue were renting for $3,490 a month, according to StreetEasy, while one-bedrooms at 65 Maspeth Avenue ranged from $3,999 to $4,053. A two-bedroom at 65 Maspeth was asking $4,300 a month for rent earlier this year. 

Brandon Polakoff, Fritz Richter, Patrick Madigan, Joseph Moran, and Miles Davis-Bosch at Avison Young were the sole brokers on these sales and the 2022 deals.

Tryline Capital Management could not be reached for comment.

UPDATE: This article has been updated to include information about Avison Young, and to incorporate information about 484 Humboldt Street and 109Co.

Larry Getlen can be reached at lgetlen@commercialobserver.com.