Mortar Group pays $6M for 5-unit walkup in Brooklyn Heights

Mortar Group through the entity Joralemon MG LLC paid $6 million to the entity Carolann Holding Corp for the five-unit residential walkup building (C2) at 103 Joralemon Street in Brooklyn Heights, Brooklyn. The expected use is cash flowing.
The deal closed on January 7, 2026 and was recorded on January 12, 2026. The property has 6,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,008 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 Susan Aroldi was Susan Aroldi. The signatory for Mortar Group was Anthony Morena . The contract date was November 3, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Mortar Group purchased two properties in two transactions for a total of $5.5 million and has no record it sold any properties over the past 24 months.
The seller Susan Aroldi 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 Susan Aroldi, head officer and Phyllis Sanguinetti, shareholder. The business entity is Carolann Holding Corp.

The property

The residential walkup building with 5 residential units in Brooklyn Heights has 6,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,262 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $1.9 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 not received any significant violations 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 16 of the 16 commercial properties representing 118,203 square feet of the 118,203 square feet. The largest owner is Fine Times Incorporated, followed by Harriet Frederick and then Joseph Carrillo.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 118,203 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Susan Aroldi owned at least one commercial property with five residential units in New York City with 6,000 square feet and a city-determined market value of $1.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Mortar Group owned at least seven commercial properties with 80 residential units in New York City with 33,847 square feet and a city-determined market value of $7 million. (Market value is typically about 50% of actual value.) The portfolio has $52.1 million in debt, with top three lenders as Hirshmark Capital, DR Bank, and Popular Bank respectively. Within the portfolio, the bulk, or 46 percent of the 33,847 square feet of built space are walkup properties, with elevator properties next occupying 38 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Queens next at 19 percent of the space.

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