Barone Management acquires Dyker Heights complex for $37.5 million

September 18, 2018 - 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 closely together to create something special for the community,” said Barone. “We’ve been working closely with local elected officials and community leaders for months in order to craft a plan suited to meet the specific needs of local residents. And, once completed, the Dyker Heights complex will leave a remarkable legacy for the owners, residents, and the neighborhood as a whole.” 

He added that a school component would be extremely beneficial for a community that is currently vastly underserved when it comes to schools, with a nearly 11,000-seat shortage.

Bound by 63rd and 64th streets and 12th and 13th avenues, 60 percent of the block-sized property will be devoted to approximately 150 market-rate condos with an additional 15 percent earmarked for affordable rentals housing and the remaining 25 percent split between senior housing and an educational use.

“The planned educational and senior components will re-shape the face of this underutilized site and bring to fruition a plan that shows how deeply committed we are to the needs of this community,” said Barone.

Construction is expected to begin in 2019.

Comments

Add Comment


More from the New York Real Estate Journal