Category: Uncategorized

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...

With Amazon Looming, The Need For More Construction Workers Grows More Dire New York Construction & Dev

The New York City building boom shows no sign of slowing down, and the industry is faced with a profound challenge: making sure there are the people to fill the jobs in the years to come. Construction spending is set to reach $61.8B by the year’s end, according to the New York Building Congress. Employment has expanded as a result, with construction jobs to exceed 150,000, the seventh year in a row there has been an increase. But amid the wave of construction, developers and builders have grappled with a tight labor pool. Some expected an eventual pullback in development of luxury resi...

Dyker Heights Site Will Yield Market-Rate and Senior Housing

Barone Management has closed on its $37.5-million purchase of the former Angel Guardian Home in Brooklyn’s Dyker Heights neighborhood from the Sisters of Mercy. The proposed development site is the largest to become available in the Brooklyn neighborhood in over 40 years. Plans call for over 300,000 square feet of mixed use development. The complex will include a mix of market-rate condominiums, affordable rentals, senior housing and school facilities. “We’ve been working closely with local elected officials and community leaders for months in order to craft a plan suited to meet the s...

New Clinton Hill Charter School Wins Community Board Support

The charter school planned for Clinton Avenue faced some concerns about its industrial space, but was ultimately approved by the local board A new charter school is proposed for 30 Clinton Ave. (Barone Management) CLINTON HILL, BROOKLYN — A new charter school planned for Clinton Avenue has won the support of the full local community board. Community Board 2 members supported the recommendation of their Land Use Committee to approve the school's application by a vote of 27 in favor, seven opposed and six abstaining, district manager Rob Perris said. The approval is the second round of c...

Barone Management acquires Dyker Heights complex for $37.5 million,New York City

Brooklyn, NY According to Scott Barone, founder and president of Barone Management, a NY-based development, construction and investment company, the firm closed on its $37.5 million purchase of the former Angel Guardian Home in Dyker Heights from the Sisters of Mercy. The proposed development site is the largest to become available in the neighborhood in over 40 years and will yield much-needed housing for seniors and families as well as schools and other community facilities. Tim Sheehan of CBRE represented seller. “This is the perfect example of the private and public sectors working clo...

Barone Sells Part of Dyker Heights Site to City for Public Elementary School

Barone Management has sold off a portion of its big development site in the Dyker Heights section of Brooklyn to the School Construction Authority (SCA) for $17.5 million, Commercial Observer has learned. The SCA purchased a 24,000-square-foot piece of the former Angel Guardian Home property on Tuesday with plans to build a 600-seat public elementary school on the site, according to information from Barone. The firm, led by Scott Barone, bought the historic former orphanage complex at 6301 12th Avenue last August for $37.5 million from the Sisters of Mercy, an order of Catholic nu...

MORE MONEY CHASING DEVELOPMENT SITES, INDUSTRIAL IN QUEENS AFTER RENT REFORM

New York’s real estate community is still coming to terms with the impact of the historic rent reform legislation passed last week and how it could shape the commercial market. In Queens, some are banking investors will chase industrial and development assets in even greater numbers as a result of the landmark laws. Like most of the city, the investment sales market in Queens has slowed in 2019. A total of $1.1B worth of investment sales were recorded in the first quarter of this year, according to Cushman & Wakefield data, a 2% drop from 2018. The number of properties sales dropped, too, ...

Scott Barone

How ballsy Scott Barone is gonna keep on tickin in NYC

After nine years of steady, if unexciting work as a general contractor, Scott Barone’s big break was supposed to come in 2008 when his firm landed a ground-up residential project in Tribeca. But that job never got on its feet. Months after Ponte Equities filed permits for the 11-story condo as 231 Hudson Street, Lehman Brothers went belly up and the bottoms fell out of the banking industry, real estate market and economy, at large. “I’d just gotten married, my wife was pregnant at the time, we were in the middle of building a white whale of a house and I had a warehouse in Queens t...

Former Angel Guardian Home complex in Dyker Heights, Brooklyn/ Image provided by Barone Management

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 facilities. 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 Ridge and Bensonhurt. Scott Baron...

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 as...

Barone’s CR7 by Pestana Tops Out in Times Square West

Barone Management has topped out on its eighth New York City hotel development, the CR7 by Pestana Hotel at 338 W. 39th St. The 177-key property will be Portugal-based Pestana Hotel Group’s second in this country and will serve as its U.S. flagship. The CR7 by Pestana lifestyle hotel brand is a partnership between Pestana and soccer star Cristiano Ronaldo. Barone Management founder Scott Barone said the 78,069-square-foot Times Square West location offers Pestana “the ideal location to launch its unique product.” 338 W. 39th joins a Barone roster of local developments that also include...

What’s New With New-Builds?

NATIONAL REPORT—There are shovels in the ground for a slate of new-build projects in the U.S. CR7 by Pestana Hotel tops out; a new dual-brand has broke ground in Orlando, FL; Thompson Hotels returns to Miami; and more. CR7 by Pestana Hotel Tops Out Barone Management, a New York-based development, construction and investment company, has topped out of its eighth New York City hotel development. The firm is the developer and ground lessor of the property located at 338 West 39th St. in Times Square West where Barone is building a CR7 by Pestana Hotel for Portuguese-based Pestana Group. This ...

Choosing the Road Less Traveled In Long Island City

Barone Management is developing a 100,000-square foot office and industrial-flex space building, in Long Island City, NY. Multifamily and hospitality development has soared over the last decade in Long Island City,  the slice of Queens hugging the East River's eastern shore. One- and two-story warehouses had long squatted along the city's industrial byways, but steel-and-glass high-rises have supplanted those aging industrial edifices in a wholesale upending of Long Island City's traditional character. It seems everything in Long Island City has been purpose-built, designed and constructed...

BARONE MANAGEMENT TOPS OUT PESTANA HOTEL AT 338 W. 39TH STREET

Ceremony Marks Company’s Eighth Successful Hotel Development in NYC in as Many Years Barone Management, a New York-based development, construction and investment company, announced today the topping out of its eighth New York City hotel development. The firm is the developer and ground lessor of the property located at 338 West 39th St. in Times Square West where Barone is building a 177-room CR7 by Pestana Hotel for Portuguese-based Pestana Group. This site will be the second of many hotels planned in the United States and will serve as the hotel group’s US flagship. The announcement wa...

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