Sollevare Group pays $7.8M for mixed-use in Carroll Gardens

The Sollevare Group paid $7.8 million to the Musarella family for two mixed-use buildings in Carroll Gardens, Brooklyn, in two separate transactions.

In the larger, Sollevare Group  through the entity 306 Court Street Owner LLC paid $5.4 million to the family of Santo Musarella for the three-unit mixed-use building (S9) at 306 Court Street in Carroll Gardens, Brooklyn. The expected use is cash flowing.
The property has 2,925 square feet of built space and 2,242 square feet of additional air rights for a total buildable of 5,175 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,846 and the price per buildable square foot is $1,043 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.)

In the smaller, Sollevare Group through the entity 317 Court St. Propco LLC paid $2.4 million to the family of Santo Musarella for the two-unit mixed-use building (S2) at 317 Court Street in Carroll Gardens, Brooklyn. The expected use is cash flowing.

The property has 2,520 square feet of built space and 3,780 square feet of additional air rights for a total buildable of 6,300 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $952 and the price per buildable square foot is $380 per the PincusCo analysis.

The signatory for Santo Musarella was Daniela Musarella-Kelley. The signatory for Sollevare Group was Jake Movsovitz . The contract date was November 19, 2024.
The deals closed on April 23, 2025 and were recorded on April 30 and May 1, 2025.  (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.)

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Daniela Musarella-Kelley, head officer and Brian Weiss, agent. The business entities are Triumph Management Group, Ltd. and Rev. Trust Agreement Of Santo Musarella. The 2,925-square-foot property generated revenue of $104,715 or $36 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 3 residential units in Carroll Gardens has 2,925 square feet of built space and 2,242 square feet of additional air rights for a total buildable of 5,175 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 69 feet deep with a total lot size of 1,725 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 $1.7 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 $300 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 1.7 times the average sales volume among other neighborhoods with $444.6 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Carroll Gardens has had very little major development activity relative to other neighborhoods.It had 134,448 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. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 3,380 square feet of the 30,125 square feet. The identified owner is Noto & Noto Registered.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 30,125 square feet of built space are mixed-use buildings, with industrial buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that Sollevare Group owned at least one commercial property with two residential units in New York City with 2,520 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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