Alon Ashourzadeh pays $2.9M for 4-family in Williamsburg

Alon Ashourzadeh through the entity 166 South 2nd LLC paid $2.9 million to Jose Garcia through the entity Garcia, Jose for the four-unit 1-4 family building (C3) at 166 South 2nd Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on May 22, 2025 and was recorded on May 28, 2025. The property has 5,000 square feet of built space and 1,075 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $570 and the price per buildable square foot is $469 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 Jose Garcia was Jose Garcia. The signatory for Alon Ashourzadeh was Alon Ashourzadeh. The contract date was January 20, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alon Ashourzadeh purchased four properties in four transactions for a total of $10.3 million and sold four properties in four transactions for a total of $20 million over the past 24 months.
The seller Jose Garcia had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jose Garcia, individual owner and Daisy Pinto, site manager.

The property

The building with 4 residential units in Williamsburg has 5,000 square feet of built space and 1,075 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $1.9 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 not received any significant violations 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 block

On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 66,498 square feet of the 170,369 square feet. The largest owner is Southside United H.D.F.C., followed by Chany Jacobowitz and then Joshua Wagschal.
On the tax block, there was one new building construction project filed totaling 9,743 square feet. It is a eight-unit, 9,743 square-foot residential (R-2) building submitted by Yisroel Greenfeld and filed by Yisroel Greenfeld with plans filed March 27, 2023 and permitted December 12, 2023.

The majority, or 42 percent of the 170,369 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Jose Garcia owned at least one commercial property in New York City with 0.0 square feet and a city-determined market value of $297,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property.

The buyer

The PincusCo database currently indicates that Alon Ashourzadeh owned at least 17 commercial properties with 76 residential units in New York City with 96,490 square feet and a city-determined market value of $24 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 32 percent of the 96,490 square feet of built space are mixed-use properties, with walkup properties next occupying 19 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Bronx next at 29 percent of the space.

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