C
IM Group and Osiris Ventures have acquired 190 Berry Street, a mixed-use property in Williamsburg, for $55.7 million out of bankruptcy. The property was previously owned by Rudy Gabsi's LENY Group, which had filed for Chapter 11 protection last year to avoid foreclosure and refinance its debt. The mortgage balance stood at nearly $70 million.

    The property includes a 40-unit apartment building and retail spaces, with a J-51 tax abatement set to expire this year. This could lead to increased rental income, but it's unclear whether CIM Group plans to raise rents on the affordable units when the abatement ends. LENY had acquired the property in 2015 as part of a larger Brooklyn portfolio.

    The building was converted from commercial warehouses to residential and retail space in 2009, featuring 10-foot ceilings and a prime corner location at North Third and Berry streets. CIM Group secured a $41 million loan from Truist Bank to finance the purchase, with Eastdil Secured's Gary Philips, Will Silverman, and Jeff Organisciak representing the seller.