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Bisnow/Miriam Hall View's Brian Klanksy, GFP Real Estate's Tom Ortinau and Silverstein Properties' Brian Collins speak at Bisnow's Queens event Oct. 27, 2021

Queens Real Estate Leaders Pin Hopes On CRE-Friendly Adams Administration

Property sales prices have come roaring back, apartments are filling up again and investors are looking for assets across Queens, but real estate power players in the borough home to more than 2.4 million people say government policies are still stymieing development. “A lot of our zoning laws are just outdated,” First Pioneer Properties President Suresh Sani said at Bisnow's Queens and Long Island City event Wednesday. “There is industrial business in Queens, but not as much as that the city is trying to preserve … Those people are moving to Mexico, Illinois and Ohio to do thei...

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Woodworks selected for 2021 building recognition awards by the Queen’s Chamber of Commerce.

The Queens Chamber of Commerce has announced the 29 outstanding construction projects that will be honored at its 2021 Building Recognition Awards October 27th, 2021. The Queens Chamber of Commerce has hosted a Building Awards ceremony since 1926. For over 90 years, business and community leaders have gathered to honor buildings and projects that have contributed to the architectural betterment of Queens and keep the borough vibrant, sustainable and livable. We are proud to announce that we have been selected as a top construction project by the Chamber of Commerce. ...

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Woodworks in LIC Draws Seven New Tenants

Cushman & Wakefield has arranged seven leases at The Woodworks LIC at 9-03 44th Rd. In Long Island City representing more than 30% of the building’s rentable space in less than four months since leasing efforts began in earnest. The Woodworks LIC is a 90,000-square-foot industrial and office property that represents the first ground-up industrial development in the neighborhood in more than 30 years.  A Cushman & Wakefield team of Joshua Kleinberg and Dale Braverman represented the landlord, Barone Management, in all leasing transactions.  “We’ve seen significant ...

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The Woodworks industrial property in LongIsland City is already 30% leased

The Woodworks LIC, a 90,000-square-footindustrial and office property in Long Island City,New York, is 30% occupied just months after itopened for leasing, according to Cushman &Wakefield. The real estate services firm said it arranged sevenleases at the building at 9-03 44th Rd. in theHunters Point neighborhood in less than fourmonths since leasing efforts began in earnest.  The Woodworks LIC is a 90,000-square-footindustrial and office property in Long IslandCity, New York. Cushman & Wakefield’s Joshua Kleinberg and DaleBraverman represented the landlord, BaroneManagement, in th...

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Little guys eat up 30,000 s/f of industrial space at Barone’s LIC property

Cushman & Wakefield has leased nearly 30,000 s/f of office and industrial space at Barone Management’s The Woodworks in Long Island City.  Situated at 9-03 44th Road The Woodworks LIC is a 90,000 s/f property developed by Barone to cater to small businesses being squeezed out of so-called last-mile space by e-commerce and logistics giants. The first ground-up industrial and light manufacturing building to be constructed in Long Island City in excess of 30 years, it features 21 ft. ceilings on the ground floor, 14 ft. ceilings on the second and third floors, heated and air-conditioned w...

Renderings Revealed For Apartment Building And Charter School At 80-52 47th Avenue In Elmhurst, Queens

Proposals to construct a new nine-story apartment building and charter school in Elmhurst, Queens are now under review by the Department of City Planning. The development site is approximately 70,000 square feet and bound by Long Island Railroad train tracks to the south, Whitney Avenue and 83rd Street to the east, and 82nd Street and 47th Avenue to the west.   Rendering of proposed residential building at 80-52 47th Avenue - Stephen B. Jacobs Group Aerial map of the project site for the proposed residential building and charter school – Stephen B. Jacobs Group The address of the reside...

How Online CRE Investment Platforms Have Unlocked a New Source of Capital

How Online CRE Investment Platforms Have Unlocked a New Source of Capital

Crowdfunding, also known as online syndication, has grown from a “nice to try” to a “must-have” source of capital for hundreds of CRE sponsors. Online investing platforms have helped firms raise billions of dollars in private equity by providing direct access to thousands of accredited investors across the U.S. But how did this way of raising capital get started? Why are some of today’s largest CRE firms turning to this new source of capital?

John Silviano in 2021 Real Estate/Construction 40 Under 40

At just 16 years old, John Silviano was introduced to New York City’s real estate sector while working at a jewelry store. Scott Barone, founder of Barone Management, was the store owner’s son, and, after taking a liking to each other, they started working together to grow the property management firm, Silviano says. The first large venture the pair took on involved a 99-year ground lease they acquired in 2011. After selling the property to a private equity firm in 2012, Silviano and Barone signed a development contract to eventually construct a hotel. Since their first major project...

Barone Management Launching First Fund To Buy New York Assets

Amid concerns about investors fleeing New York City for more tax-friendly states, one developer is banking on a swift local recovery and launching a fund to snap up assets. “Do the taxes suck here? Sure, but they were like that before. Is the political environment challenging? Sure, but that was the case pre-Covid,” Barone Management principal Scott Barone told Bisnow in an interview this week. His company is launching a fund next week with a $40M target raise to invest in commercial and residential real estate assets in the New York metropolitan area. “This city will find ...

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...

Ivy Realty acquires hotel at 338 West 39th Street

Ivy Realty has acquired a hotel at 338 West 39th Street in the Garment District from Sam Chang’s McSam Hotel Group for $31.5 million, Crain’s reported. The 175-key hotel spans 59,244 SF, and was originally scheduled to open for business this year, but the pandemic has likely changed those plans. Worth Noting: The development was branded under Pestana’s lifestyle hospitality flag CR7, a partnership with soccer star Cristiano Ronaldo. Barone appears to have been partner: Chang paid $22.4 million for the 50-foot-wide site in 2015, which originally housed a 12-story factory buil...

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 ...

Angel Guardian Home poised for its next act

A new school, assisted living, affordable housing and more The storied Angel Guardian Home in Dyker Heights will soon house a new school, an assisted living facility, affordable housing and, the developer hopes, a secondcoming of the senior center that shuttered inside the facility last spring. The approximately 140,000-square-foot, blocklong property located at 6301 12th Ave. was sold for $37 million to development firm Barone Management at the end of 2017 by the Sisters of Mercy — longtime owners of the old orphanage whose “mercy” was oft-questioned in the wake of the hush-hush sa...

BisNow’s: This Week’s N.Y. Deal Sheet

Top Sale: Barone Management paid $37.5M to the Sisters of Mercy for the former Angel Guardian Home in Brooklyn's Dyker Heights neighborhood, the company announced last week. Barone plans to turn the site at 6301 12th Ave. into 150 market-rate condos, affordable rentals and a school. Construction is expected to start next year. Read more at: https://www.bisnow.com/new-york/news/deal-sheet/this-weeks-ny-deal-sheet-92021?utm_source=CopyShare&utm_medium=Browser...

Public School Coming to Angel Guardian Home Redevelopment

Barone Management has closed on the sale of a parcel of land to the New York City School Construction Authority in Brooklyn’s Dyker Heights neighborhood. The land sits within a 140,000-square-foot site that Barone acquired in August 2018. The new school building represents one of three development phases on the property, and has been part of the development plan since Barone acquired it. The plan also includes a new three-story residential building and the long-term preservation of the original Angel Guardian Home for Children building located at 6301 12th Ave.  This historic building ...

Barone Management Purchases Mixed-Use Development Site in Brooklyn for $37.5M

NEW YORK CITY — Barone Management has purchased the former Angel Guardian Home in the Dyker Heights neighborhood of Brooklyn for $37.5 million. The seller was undisclosed. The New York-based development company plans to redevelop the site into a 300,000-square-foot mixed-use project. Sixty percent of the property will be devoted to approximately 150 market-rate condos, with an additional 15 percent reserved for affordable housing. The remaining 25 percent will be split between seniors housing and an educational use. Construction is expected to begin in 2019.

Barone Acquires $37.5 Million Former

Angel Guardian Home The developer purchased the 140,000 square-foot former orphanage property with plans to build market-rate, affordable and senior housing and educational facility By Betsy Kim NEW YORK CITY—Barone Management, a development, construction and investment company based in New York City, purchased the former Angel Guardian Home for Little Children from the Sisters of Mercy for $37.5 million. The roughly three-and-a-half acre lot is bound by 63rd and 64th streets and 12th and 13th avenues, in the southwest Brooklyn neighborhood Dyker Heights, which is located between Bay Ridg...

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