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, ...

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...