Berkley Properties affiliate buys $7.5M note secured by school in Williamsburg, foreclosure ended

An affiliate of Michael Silberberg‘s Berkley Properties through the entity Quince Realty Holding, LLC, on January 9, 2026, bought a note with an original principal of $7.5 million from Blackstone Group secured by a school building (W2) at 575 Bedford Avenue in Williamsburg, Brooklyn. The property was subject to a foreclosure action brought by Blackstone Group in January 2025.

Shortly after the note sale, on January 20, 2026, the parties in the foreclosure case filed a motion to halt the action, noting, in part, “This Action has been settled as the subject loan has been paid off.”
The deal closed on January 9, 2026 and was recorded on February 23, 2026. The prior lender was Blackstone Group which held debt that had an original loan amount of $7.5 million.
The owner bought the property on June 7, 2018, for $8.5 million. The signatory in 2018 for the loan from Signature Bank was Avery Eisenreich .

The property

The specialty building in Williamsburg has 30,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million.

Violations and lawsuits

The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $7.5 million commercial foreclosure concerning a loan filed on January 30, 2025, by Blackstone Group and Rialto Capital Advisors against Avery Eisenreigh. In addition, according to city public data, the property has received one DOB violation, $2,250 in ECB penalties, and $2,690 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 321759423, for a 41,680 square-foot school (E)  building. The project was submitted by Chesky Berkowitz with plans filed May 17, 2018 and permitted June 2, 2025.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the 2nd most active neighborhood among other neighborhoods. It had 42.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 18,506 square feet of the 83,979 square feet. The two identified owners are Aaron Kohn and Ernst Schwartz.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 83,979 square feet of built space are walkup buildings, with specialty buildings next occupying 36 percent of the space.

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