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October 2025 – The identity of the buyer behind the former Rite Aid property in Carroll Gardens is no longer a mystery. Public records filed this week show that an LLC tied to a Brooklyn-based developer known for nightclubs, creative studios, and boutique grocery stores has closed on the prime corner site for $21.5 million.
The deal, finalized in early August and recorded with the city on September 1, transfers ownership of 320 Smith Street and 336 Union Street to Happier Grocery President LLC c/o 99c. The LLC is managed by Dawson Stellberger, a real estate entrepreneur with a track record of transforming industrial Bushwick properties into entertainment and hospitality hubs. The acquisition covers the entire west side of Smith Street between President and Union, directly across from Carroll Park and steps from the Carroll Street F train stop.
Stellberger, who also runs Bushwack Capital, has been quietly assembling a portfolio of commercial real estate in Brooklyn’s loft districts. His projects include Elsewhere, a popular music venue; SAA, a private members’ club; 99 Scott and 53 Scott Avenue, which house creative offices and event spaces; and a geothermal hotel currently under construction near Scott Avenue. Together with his brother, fashion designer Wells Stellberger, and the Canadian biotech billionaire Francesco Bellini and his son Carlo, Stellberger operates under the umbrella entity 99c.
The Carroll Gardens site, previously occupied by a Rite Aid pharmacy that closed in late 2023, consists of a two-story building built in 2008 atop a former parking lot. It spans 16,091 square feet but zoning allows for up to 28,500 square feet—or as much as 34,200 square feet if affordable housing is included. The existing structure holds a ground-floor retail space and five market-rate rental apartments. The adjoining lot at 336 Union Street is currently a vacant parcel used for parking and used-car sales, a use that dates back to the 1940s according to historic tax photos.
No building permits have been filed yet, and Stellberger declined to comment on specific plans. However, industry insiders see significant potential. The site’s location near the subway and park makes it a candidate for a mixed-use project that could include a residential tower, expanded retail, and possibly a satellite location of Happier Grocery—the Manhattan-based boutique grocer that shares the LLC’s name. Stellberger’s involvement with Happier Grocery, which operates a high-end market in the Financial District, suggests a possible grocery component to serve the neighborhood’s growing demand for upscale food options.
Unique perspective: Market shift toward experiential retail
Local real estate analysts note that Stellberger’s pivot from residential management to events and creative spaces reflects a broader trend in Brooklyn. “Developers are increasingly looking for properties that can host experiences—concerts, pop-ups, influencer events—rather than just traditional retail or housing,” says Miriam Chen, a senior analyst at Brooklyn Property Research. “The Carroll Gardens site, with its high foot traffic and park adjacency, could become a hub for the kind of creative commerce that Stellberger has already proven in Bushwick.”
The acquisition also marks a geographic expansion for Stellberger, whose previous projects were concentrated in Williamsburg and Bushwick. Carroll Gardens, a quieter, family-oriented neighborhood, may see a different kind of development than the large-scale nightlife venues in the loft district. Observers speculate that the site could host a mix of studio spaces, a members’ club, and a high-end sandwich shop—a concept Stellberger has explored at other properties.
The city’s push for affordable housing could also shape the project. If Stellberger opts to include below-market-rate units, the allowable floor area jumps to 34,200 square feet, which would make a more substantial residential component feasible. The developer has experience with affordable housing from his earlier projects in Bushwick, though he has since scaled back residential work.
What’s next?
Given the lack of permits, any construction is likely at least a year away. However, the closing of such a prominent corner—long eyed by developers for its transit access and park frontage—signals that Carroll Gardens is entering a new phase of commercial evolution. The neighborhood’s existing retail corridor on Smith Street has seen a wave of upscale restaurants and boutiques, and this site could serve as an anchor for further investment.
For now, locals will watch for signs of activity. The former Rite Aid building remains vacant, but the arrival of a developer known for creative energy suggests that the corner may soon host much more than a drugstore.
