Happier Grocery Acquires Former Rite Aid Site on Smith Street in Carroll Gardens for $21.5M
BROOKLYN, N.Y. — Sept. 2, 2026 — A shell company linked to Happier Grocery, the hybrid bodega-bookshop-boutique concept based in SoHo, has acquired the shuttered Rite Aid pharmacy at 320 Smith St. in Carroll Gardens, Brooklyn for $21.5 million. The deed, signed by store owner and developer Dawson Stellberger, appeared in the city register on Sept. 1, 2026. TerraCRG brokers Dan Marks and Daniel Lebor handled the deal.
Deal Details: A $21.5 Million Blockfront Acquisition
The acquisition encompasses 320 Smith St. and the adjoining 336 Union St., giving the buyer control of the entire west side of Smith Street between President and Union streets. The existing building spans 16,091 square feet across two stories, with ground-floor retail and five residential units above, placing the implied pricing at approximately $1,336 per square foot on the existing building size.
The transaction was financed with a $22 million loan from S3 Capital. Happier Grocery and S3 Capital did not return requests for comment, and Dan Marks and Daniel Lebor, the TerraCRG brokers who handled the deal, declined to comment.
Development Potential Adds Dimension to the Purchase
Beyond its current footprint, the site carries meaningful development optionality. Under the existing R6B/C2-4 zoning, the property supports up to 28,500 buildable square feet as-of-right, expandable to approximately 34,200 buildable square feet with inclusionary housing bonuses. At the $21.5 million purchase price, that translates to roughly $628 per buildable square foot.
The property sits near the Carroll Street F train stop and Carroll Park. Prime Smith Street storefronts are commanding rents above $120 per square foot, while luxury new-development residential product in the area has been achieving rents above $100 per square foot and condo pricing north of $1,800 per square foot.
Carroll Gardens Retail Market Context
The acquisition comes against a backdrop of relatively tight retail conditions across New York. The broader New York retail market carried a 4.2 percent vacancy rate in 2026, with average asking rents of $54.60 per square foot.
Stellberger, who operates Happier Grocery and also works as a developer, brings a real estate background to the transaction. The Carroll Gardens location would mark a potential expansion of the Happier Grocery concept beyond its existing SoHo presence.
TerraCRG's Role in the Transaction
TerraCRG, the Brooklyn-focused commercial real estate brokerage, represented the buyer through brokers Dan Marks and Daniel Lebor.
The Ull family, identified in reporting as connected to the seller side of the transaction, could not immediately be reached for comment at press time.
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