Sollevare Group Snaps Up Mixed-Use Brooklyn Building for 33% Discount
By Andrew Coen November 10, 2025 3:45 pm
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Sollevare Group has acquired a mixed-use asset in Cobble Hill, Brooklyn, for two thirds of the price it sold for nearly a decade ago.
The newly formed real estate investment firm bought the property at 292-294 Atlantic Avenue from BFC Partners for $6.95 million in an all-cash deal that closed Friday, Commercial Observer has learned. Thor Equities sold the 7,500-square-foot site to BFC in 2016 for $10.3 million, more than double what it acquired it for in 2011, CO previously reported.
Robert Ferman, who co-founded Sollevare Group with Jake Movsovitz in March, said he was drawn to the location of 292-294 Atlantic near Downtown Brooklyn because of nearby major subway lines coupled with other developments happening in the neighborhood.
“It’s one of the most heavily foot-trafficked buildings in Brooklyn, so it’s extremely attractive from a retail perspective, and there’s a lot of potential new development that will be happening within a couple-block radius that’s going to change the landscape and feel of that block,” Ferman told CO. “We’re going to realign the building with the character of the neighborhood.”
The mixed-use building currently consists of five multifamily units, three retail stores and a law office. Ferman said Sollevare is looking to reset the basis of the property in order to be patient with curating the best tenant mix that aligns with the neighborhood while also upgrading the building with a new facade.
The 292-294 Atlantic transaction marks the fifth building acquired in an all-cash deal by Sollevare in the Cobble Hill area since launching eight months ago. The firm also has three additional Brooklyn additional mixed-use acquisitions under contract, according to Ferman.
Ferman, who was previously with Newmark’s private capital markets group, and Movsovitz, formerly of Blackstone, raised $17 million in equity for the new platform at the time of Sollevare’s launch. The firm has also added Ethan Gabor from CBRE as vice president of acquisitions.
“Our investment and development initiatives foster vibrant, enduring residential communities that align with both market demand and the unique character of each neighborhood,” Ferman said.
BFC Partners did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
