In October 1998, Masella received a call from a bookmaker named 'Steve'. Steve reportedly had $10,000 to deliver to him on an outstanding debt. When Masella arrived at the designated place, he was told instead to go to the Dyker Beach Park and Golf Course parking lot in Dyker Heights, Brooklyn. When he arrived at the parking lot and entered the golf course with Steve and others, he was shot several times while sitting in his car. Joseph Masella died of his wounds in the hospital soon after. When a DeCavalcante member, who turned informant, spoke about the facts surrounding his death, his murder was reported in the "New York Daily News". His killer, Anthony Greco, was quoted as asking him "You know what's about to happen, right?" before shooting Masella several times.