CIM Group, Osiris Ventures Acquire Bankrupt Williamsburg Property for $56M

In a major Brooklyn acquisition, CIM Group and Osiris Ventures have purchased a mixed-use building at 190 Berry Street in Williamsburg for $55.7 million. The property, which includes 40 residential units and street-level retail, was sold out of bankruptcy after its former owner, LENY Group, defaulted on a mortgage of nearly $70 million. The sale was finalized following a court-approved process, with Eastdil Secured representing the seller and Truist Bank providing $41 million in financing for the deal.

Originally converted in 2009 from warehouse space into residential lofts and retail, the building occupies a prime location at the corner of North Third and Berry Streets. Its design features 10-foot ceilings and brick-and-beam construction, offering tenants an industrial-chic aesthetic popular in Williamsburg. The property's J-51 tax abatement, which mandated that at least half the units be affordable, is set to expire this year—potentially opening the door to increased rental revenue for the new owners.