Savo Brothers pays $8.3M for dev site in Staten Island’s Sunnyside

Savo Brothers through the entity 2025 Richmond Avenue LLC paid the entity Clove Gardens I, LLC, $8.3 million for nursing home buildings (N2) at 18 and 20 Bristol Avenue in Sunnyside, Staten Island. 20 Bristol Avenue was the former home of the Swedish Home for the Aged. The expected use is ground up development and/or redevelopment.
The deal closed on May 19, 2026 and was recorded on June 4, 2026. The two properties have a total buildable of 64,631 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $129 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.)

Clove Gardens I had a plan to build a 100-unit assisted living project on the parcel, according to a listing from Crexi.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Savo Brothers purchased eight properties in one transaction for a total of $4 million and sold one property in one transaction for a total of $10.2 million over the past 24 months.
The seller Raymond Masucci had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 215 feet and is 123 feet deep with a total lot size of 27,800 square feet. The lot is irregular. The zoning is R2 which allows for up to 0.5 times floor area ratio (FAR) for residential. 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 properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The block

There are no active new building construction projects on this tax block.

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