$7.3M note sold at East Williamsburg retail, office building

The entity 199 Cook Street Capital, LLC, affiliated with the private investment company Virivia, bought a note with an original principal of $7.3 million from Blackstone Group secured by a retail and office building (O5) at 199 Cook Street in East Williamsburg, Brooklyn, that is owned by an affiliate of Virivia.
The deal closed on September 5, 2025 and was recorded on September 22, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $7.3 million. The property has 25,799 square feet of built space according to a PincusCo analysis of city data.
The owner bought the property on June 14, 2013, for $6 million. The signatory for the purchase of the property by Verivia was Meyer Y. Teichman . Verivia is an investment company founded by several families, according to its website.

Prior sales and revenue

The 25,799-square-foot property generated revenue of $830,728 or $32 per square foot, according to the most recent income and expense figures.

The property

The retail building in East Williamsburg has 25,799 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 125 feet deep with a total lot size of 12,500 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.8 million. Signature Bank on August 25, 2020 bought a loan with an original principal of 7350000.0 from Blackstone Group signed by Meyer Y. Teichman, secured by 199 Cook Street, when owned by Verivia.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 15, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In East Williamsburg, The majority, or 62 percent of the 17.1 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has 1.5 times the average sales volume among other neighborhoods with $415.2 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, East Williamsburg has 1.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 236,948 square feet of the 301,248 square feet. The largest owner is Saul P. Grosman, followed by Israel Perlmutter and then Meyer Teichman.
On the tax block, there was one new building construction project filed totaling 31,667 square feet. It is a 31,667 square-foot business (B) building submitted by Loketch Group and filed by Pinny Loketch with plans filed April 20, 2016 and it has not been permitted yet.

The majority, or 39 percent of the 301,248 square feet of built space are specialty buildings, with industrial buildings next occupying 37 percent of the space.

The borrower

The PincusCo database currently indicates that Verivia owned at least 10 commercial properties with 76 residential units in New York City with 75,683 square feet and a city-determined market value of $20 million. (Market value is typically about 50% of actual value.) The portfolio has $39 million in debt, borrowed from Citibank and Signature Bank. Within the portfolio, the bulk, or 70 percent of the 75,683 square feet of built space are walkup properties, with mixed-use properties next occupying 30 percent of the space. They are all located in Brooklyn.

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