Derek Bestreich pays $3.2M for mixed-use in Williamsburg

Derek Bestreich through the entity 199 Grand Street LLC paid $3.2 million to the entity 199 Ita LLC for the two-unit mixed-use building (S2) at 199 Grand Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on October 28, 2025 and was recorded on October 30, 2025. The property has 2,625 square feet of built space and 2,330 square feet of additional air rights for a total buildable of 4,958 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,219 and the price per buildable square foot is $645 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 Wiliberto Ocasio Jr. was Wiliberto Ocasio Jr.. The signatory for Derek Bestreich was Derek Bestreich, who is also a broker, and the founding partner of the firm IPRG.

The contract date was August 26, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Derek Bestreich had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Wiliberto Ocasio Jr. 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 Wiliberto Ocasio, head officer and Luis Rodriguez, site manager. The business entity is 199 Ita, Llc.

The property

The mixed-use building with 2 residential units in Williamsburg has 2,625 square feet of built space and 2,330 square feet of additional air rights for a total buildable of 4,958 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 99 feet deep with a total lot size of 2,479 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 $3.1 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 $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 24, 2014. 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 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Williamsburg is the most active neighborhood among other neighborhoods. It had 41.9 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. There was one 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 three of the 15 commercial properties representing 31,755 square feet of the 87,513 square feet. The largest owner is Harvey Elgart, followed by Rosa Ortiz and then Yiming Wang.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 87,513 square feet of built space are mixed-use buildings, with specialty buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Derek Bestreich owned at least two commercial properties with 12 residential units in New York City with 9,053 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 53 percent of the 9,053 square feet of built space are walkup properties, with mixed-use properties next occupying 47 percent of the space. They are all located in Brooklyn.

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