Month: January 2021

Work Wrapping Up On Pestana Hotel At 338 West 39th Street In Midtown

Construction is wrapping up on 338 West 39th Street, a 25-story hotel from Portugal-based Pestana Hotels. Located in Midtown between Eight and Ninth Avenues, the project is designed by Stephen B. Jacobs Group and developed by Brarone Management, according to permits filed in 2015. Sam Chang, a well-known hotelier in New York City, purchased the 50-foot-wide site for $22.5 million. Photos of the main northern profile show the exterior substantially finished with only the ground floor left to be worked on. 338 West 39th Street, photo by Michael Young 338 West 39th Street, p...

Why Barone Management Crowdfunded $6.5M for Queens Charter School

Earlier this week, Barone Management closed on a crowdfunded equity offering for a $34 million charter school in Elmhurst, Queens, the company announced. The $6.5 million in equity completes the financing for the ground-up development, which is pre-leased to the The Renaissance Charter School for 31 years. The 67,286-square-foot building, at 45-20 83rd Street, is also financed by a $20.2 million construction loan from Metropolitan Commercial Bank, and an additional $6.8 million in equity from Barone. It was the first time Barone founder and principal Scott Barone chose to attempt crowdfu...

Barone crowd funds equity for new Queens school

New York based development firm Barone Management has crowd funded $6.5 million to build a new Queens school. The company announced it worked with online investment marketplace CrowdStreet to raised the equity which tops up a $22.5 million construction loan from Metropolitan Commercial Bank and $6.8 million in sponsor equity for the project. “This is a special project with a social impact investing component, which we thought would be appealing to individual investors on the CrowdStreet platform,” said Scott Barone, founder and principal of Barone Management. “Raising equity on ...

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