NEW YORK CITY— Barone Management has acquired two parcel of land, 295,000 buildable square feet at 89-25 161st St. and 89-25 162nd St, with two buildings and a parking lot, in Jamaica, Queens. The Manhattan-based development, construction and investment company paid $20 million in cash to the sellers, the Sisters of St. Dominic. The real estate firm plans to redevelop the school facility and build ground-up two residential buildings.
Scott Barone, president of Barone Management, does not refer to development trends in Jamaica as “gentrification.” But he tells GlobeSt.com, “Overwhelmingly, the growth has been residential. It's not Williamsburg. It's not hipsters in their early 20s. These are families and families have kids and kids need to go to schools. There is an obvious demand.”
Barone, who was born, raised and still lives in Queens says, “I think you're seeing a lot of people who grew up in the neighborhood have the ability to come back—now that there's better product in the market.” He adds, “It's a quieter, single-family home community.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
