Minerva Development pays $4.2M for 4-family in Carroll Gardens

Omri Bar-Mashiah’s Minerva Development through the entity 220 Union LLC paid $4.2 million for the four-unit building (C3) at 220 Union Street in Carroll Gardens, Brooklyn. The expected use is cash flowing.
The deal closed on February 27, 2026 and was recorded on March 5, 2026. The property has 3,300 square feet of built space and 700 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,272 and the price per buildable square foot is $1,050 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 Antoinette Birli was Yuriy Moshes . The signatory for Minerva Development was Mikhail Litt . The contract date was October 10, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Minerva Development purchased six properties in six transactions for a total of $22.1 million and sold one property in one transaction for a total of $5.8 million over the past 24 months.
The seller Antoinette Birli had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Antoinette Birli, individual owner. The 3,300-square-foot property generated revenue of $136,290 or $41 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in Carroll Gardens has 3,300 square feet of built space and 700 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 $1.8 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

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 18,588 square feet of the 34,620 square feet. The largest owner is O. Mattioli, followed by Brandon Hornbeck and then Antonio Migliaccio.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 34,620 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Minerva Development owned at least seven commercial properties with 22 residential units in New York City with 21,220 square feet and a city-determined market value of $21.5 million. (Market value is typically about 50% of actual value.) The portfolio has $23.4 million in debt, with top three lenders as S3 Capital, Bullpath Capital, and SDB respectively. Within the portfolio, the bulk, or 40 percent of the 21,220 square feet of built space are C3 properties, with C0 properties next occupying 38 percent of the space. They are all located in Brooklyn.

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