Let $X$ be a smooth projective variety and $\pi:Y\to X$ be a blowing up along the closed centre $Z$. Denote by $E$ the exceptional set of the blowing up. In general it seems not to be true that $\pi_*\mathcal{O}_Y(-E)$ coincides with the ideal sheaf of $Z$ in $X$. Am I right?
I am interested in the following specific example. Let $X=\mathbb{P}^1\times\mathbb{P}^1$ and $Y$ is the blowing up of $X$ at one point. Then $E$ is the line. Is this a counterexample? If yes, how one can compute $\pi_*\mathcal{O}_Y(-E)$ explicitly?