Sollevare Group pays $7M to BFC Partners for mixed-use in Boerum Hill

Sollevare Group through the entity 101 Smith St. Propco LLC paid $7 million to BFC Partners through the entity Bfc Atlantic LLC for the five-unit mixed-use building (S9) at 292-294 Atlantic Avenue in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on November 6, 2025 and was recorded on November 26, 2025. The property has 7,500 square feet of built space and 2,112 square feet of additional air rights for a total buildable of 9,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $926 and the price per buildable square foot is $723 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 seller bought the property on December 12, 2016, for $10.3 million. The signatory for BFC Partners was Brandon Baron . The contract date was July 23, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sollevare Group purchased three properties in three transactions for a total of $10.7 million and has no record it sold any properties over the past 24 months.
The seller BFC Partners purchased one property in one transaction for a total of $34 million and sold one property in one transaction for a total of $350 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Brandon Baron, head officer and Joseph Ferrara, officer. The business entity is Bfc Atlantic Llc.

The property

The mixed-use building with 5 residential units in Boerum Hill has 7,500 square feet of built space and 2,112 square feet of additional air rights for a total buildable of 9,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 80 feet deep with a total lot size of 3,200 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 $3.4 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 $700 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 25, 2015. 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 Boerum Hill, The bulk, or 32 percent of the 9 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space. In sales, Boerum Hill has 2.2 times the average sales volume among other neighborhoods with $670.8 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Boerum Hill has 1.6 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 26 percent of the neighborhood’s built space. There was one 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 15 of the 25 commercial properties representing 135,393 square feet of the 186,834 square feet. The largest owner is Hiuian Cheng, followed by Sugar Hill Capital Partners and then Clover Barrett.
On the tax block, there were two new building construction projects totaling 33,082 square feet. The largest is a four-unit, 25,006 square-foot residential (R-2) building submitted by Maragaret Grossman with plans filed February 6, 2019 and permitted January 31, 2025. The second largest is a four-unit, 8,076 square-foot residential (R-2) building submitted by Philip Mendlow with plans filed August 25, 2016 and permitted December 20, 2019.

The majority, or 68 percent of the 186,834 square feet of built space are mixed-use buildings, with walkup buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Bfc Partners owned at least 12 commercial properties with 416 residential units in New York City with 496,087 square feet and a city-determined market value of $32 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 79 percent of the 496,087 square feet of built space are elevator properties, with specialty properties next occupying 15 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Manhattan next at 12 percent of the space.

The buyer

The PincusCo database currently indicates that Sollevare Group owned at least three commercial properties with seven residential units in New York City with 8,280 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Brooklyn.

Direct link to Acris document. link