Buyer pays $6M for mixed-use in Williamsburg

UPDATED, 6:12 p.m., July 25, 2025: The entity Ascent RE Management LLC paid $6 million to Ilya Ocher through the entity Ocher Realty, LLC for the mixed-use building (K4) at 1 Maspeth Avenue in Williamsburg, Brooklyn.
The deal closed on May 15, 2024 and was recorded on May 20, 2024. The property has 8,443 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $704 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 seller bought the property on August 31, 2010, for $850,000. The signatory for Ilya Ocher was Ilya Ocher. The contract date was December 11, 2023.

Prior sales and revenue

The seller Ilya Ocher had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Williamsburg has 8,443 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 133 feet deep with a total lot size of 3,905 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial. 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

For the tax lot building, it received its initial certificate of occupancy on September 20, 2022. 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 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Williamsburg has 4 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 10,683 square feet of built space are mixed-use buildings, with walkup buildings next occupying 21 percent of the space.

UPDATED: the post was updated by removing the name of an individual.

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