Warehouse frenzy spawns another Queens project

Long Island City building will cater to small users Barone Management is raising a building in Long Island City to tap into the city's warehouse craze. The firm plans to spend about $30 million to develop a three-story, 88,000-square-foot commercial building at 9-03 44th Road with warehouse space on the ground floor. Interest in warehouses has grown dramatically among investors as e-commerce and other logistics tenants have sought out storage space for last-mile deliveries in the city. Scott Barone, the founder and president of Barone Management, said that has displaced demand from tradit...

New Hotel at 456 Greenwich Street in Tribeca Officially Breaks Ground

It’s been more than two years since we’ve heard any news about 456 Greenwich Street, a large eight-story hotel development that’s been inactive since the extant structures were demolished. The silence was broken Friday, December 22nd, when Caspi Development, Mactaggart Family & Partners, and Barone Management celebrated the official groundbreaking in Tribeca. [caption id="attachment_283" align="alignright" width="350"] Approved design for 456 Greenwich Street, rendering by Stephen B. Jacobs[/caption] [caption id="attachment_282" align="alignright" width="350"] 456 Greenwich...

Revealed: 538 West 58th Street

Another site on the far West Side is moving along; permits indicate 538 West 58th Street will soon become an 18-story hotel with 230 rooms, measuring 62,544 square feet. The architect of record is Gene Kaufman, and the developer is Barone Management. Sam Chang is also involved, and the project has apparently been upsized since last year, when it was originally slated to have 208 rooms. Renderings have been posted on the perimeter fencing, and the project looks fairly typical for a Chang & Kaufman collaboration. The scope of 538 West 58th Street is more impressive than their average projec...

Sam Chang sells Hudson Square lease to hotel investor for $50M

Sam Chang’s McSam Group has sold the lease on a development site in Hudson Square to Eagle Point Hotel Partners, a New-York based hotel investment firm, for just under $50 million, city records filed Feb. 20 show.  The development parcel — which covers lots at 2 Renwick Street, 231 Hudson Street and 503 Canal Street — is owned by Ponte Equities, which leased the land to McSam in July 2011. In collaboration with partner Barone Management and architect Gene Kaufman, McSam has been building a 160-room hotel at the site, for which it purchased air rights from Rosar Realty in October...

The Powerful Pontes

Real estate family makes changes to longtime Tribeca holdings New York City is known for its loud, splashy developers. But quieter landlords often have equally valuable holdings. The low-profile Ponte family, for example, started buying parking garages, former warehouses and auto shops in northwestern Tribeca in the 1960s. Today, the family owns at least 30 properties in the now-trendy area, according to public records. The family’s firm, Ponte Equities, has rarely sold or developed any of its properties over the years and is sitting on a goldmine today, industry experts said. “Th...

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