Barone closes on $37M Dyker Heights buy
Developer plans 300K sf mixed-use project
Scott Barone’s Barone Management closed on the $37.5 million acquisition of the former Angel Guardian home in Dyker Heights from the Sisters of Mercy, the company said Thursday.
Barone plans to build a 300,000-square-foot mixed-use project at 6301 12th Avenue including 150 market-rate condos along with affordable rental units, senior housing and a school. Construction is set to start in 2019.
According to Barone, the sale includes a deed restriction requiring 15 percent of residential units to be affordable. 60,000 square feet will be set aside for the school and senior housing.
Madison Realty Capital funded the acquisition with a $27 million loan package.
“We’ve been working closely with local elected officials and community leaders for months in order to craft a plan suited to meet the specific needs of local residents,” Scott Barone said in a statement.
CBRE’s Daniel Kaplan, Tim Sheehan and John Reinertsen marketed the property.
In June, Barone bought two Jamaica development sites for $20 million with plans for two apartment buildings and a charter school.