Contractor pays $13.8M for four industrial properties in East Williamsburg

Michael Pietranico, who owns Nico Asphalt Paving and other firms, through the entity Ro Sal Realty 3 Corp paid $13.8 million for the industrial building (F4) at 750 Meeker Avenue, industrial building (E9) at 11 Anthony Street, 19 Anthony Street and the industrial building (F4) at 23 Anthony Street in East Williamsburg, Brooklyn. The expected use is owner-occupied.
The deal closed on March 7, 2025 and was recorded on March 20, 2025. The four properties have 31,873 square feet of built space and 1,069 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $431 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 sellers were William Korchin, Sonia Zawadski, Katherine Korchin, and William J. Deertz. The signatory for Michael Pietranico was Michael Pietranico. The contract date was September 11, 2024. Nico Asphalt Paving is located a few blocks north of 750 Meeker Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Michael Pietranico had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller William Korchin had not purchased any other properties and had not sold any properties over the same time period. The four properties with a total of 31,873 square feet of built space generated revenue of $720,475 per year or $23 per square foot. The sale price per square foot was $431.

The property

The industrial building in East Williamsburg has 31,873 square feet of built space and 1,069 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 114 feet and is 146 feet deep with a total lot size of 14,300 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $972,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received five DOB violations, $15,000 in ECB penalties, and $15,000 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 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 1.4 times the average sales volume among other neighborhoods with $378.6 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, East Williamsburg has 1.8 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 750 Meeker Avenue, PincusCo has identified the owners of two of the five commercial properties representing 10,890 square feet of the 32,573 square feet. The identified owner is Mortimer Korchin.
There are no active new building construction projects on this tax block.

All properties are industrial.

Direct link to Acris document. link