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...

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...

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...

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, ...

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