Greenbrook Partners pays $6.1M for mixed-use in Carroll Gardens

Greenbrook Partners through the entity 390 Court St, LLC paid $6.1 million to the entity Carroll Court Associates, LLC for the office and retail building (O5) with two residential units, at 390 Court Street in Carroll Gardens, Brooklyn. The expected use is cash flowing.
The deal closed on January 16, 2026 and was recorded on January 27, 2026. The property has 7,200 square feet of built space for a total buildable of 7,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $847 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 the seller was Michael J. Ponsiglione. The signatory for Greenbrook Partners was Gregory Fournier . The contract date was June 20, 2025.
The brokers on the transaction were Remi Norris and Matt Cosentino of TerraCRG.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 66 properties in 66 transactions for a total of $269.3 million and sold 22 properties in 22 transactions for a total of $124.7 million over the past 24 months.
The seller Michael J. Ponsiglione had not purchased any other properties and had not sold any properties over the same time period. The 7,200-square-foot property generated revenue of $429,696 or $60 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 2 residential units in Carroll Gardens has 7,200 square feet of built space for a total buildable of 7,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 60 feet deep with a total lot size of 2,400 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 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 $1,050 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 Carroll Gardens, The bulk, or 44 percent of the 3.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 33 percent of the space. In sales, Carroll Gardens has 1.3 times the average sales volume among other neighborhoods with $438.2 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Carroll Gardens has had very little major development activity relative to other neighborhoods.It had 156,907 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 22 commercial properties representing 24,897 square feet of the 101,810 square feet. The largest owner is Michael Pirrone, followed by Vadem Brodsky and then Josephine Gentile.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 101,810 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 389 commercial properties with 1,850 residential units in New York City with 1,673,648 square feet and a city-determined market value of $572.2 million. (Market value is typically about 50% of actual value.) The portfolio has $365 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and MP Real Estate Capital respectively. Within the portfolio, the bulk, or 47 percent of the 1,673,648 square feet of built space are walkup properties, with C0 properties next occupying 14 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Queens next at 5 percent of the space.

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