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...

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 ...

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...