Alon Ashourzadeh pays $2.5M for mixed-use in Williamsburg

Alon Ashourzadeh through the entity 112 Berry LLC paid $2.5 million for the three-unit mixed-use building (S3) at 112 Berry Street in Williamsburg, Brooklyn.
The deal closed on November 9, 2023 and was recorded on November 21, 2023. The property has 3,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $694 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for the seller was Diane Chrzanowski. The signatory for Alon Ashourzadeh was Alon Ashourzadeh. The contract date was August 10, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alon Ashourzadeh purchased one property in one transactions and sold three properties in three transactions for a total of $15.4 million over the past 24 months.
The seller Diane Chrzanowski had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Diane Chrzanowski, individual owner.

The property

The mixed-use building with 3 residential units in Williamsburg has 3,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.

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 received four DOB violations and $50 in OATH penalties in the last year.

Development

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 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 3rd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 4.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 27 commercial properties representing 45,679 square feet of the 145,084 square feet. The largest owner is Steven Wang, followed by Philip Kelly and then Mark Zawisny.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 145,084 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Alon Ashourzadeh owned at least 13 commercial properties with 60 residential units in New York City with 82,125 square feet and a city-determined market value of $18.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 28 percent of the 82,125 square feet of built space are mixed-use properties, with walkup properties next occupying 23 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Bronx next at 34 percent of the space.

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