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Barone Management Acquires 99-Year Net Lease For $14M Commercial Space In Gravesend, Brooklyn

Property Image
SOLD
$14,000,000

New York

See Similar Deals
Commercial292,528 SF
Sold 07/08/2020
the dealdetailscomps
Property Image
SOLD

Barone Management Acquires 99-Year Net Lease For $14M Commercial Space In Gravesend, Brooklyn

2286 Cropsey Avenue, Brooklyn, NY, USA

See Similar Deals
Commercial292,528 SF
Sold 07/08/2020
the dealdetailscomps

Summary

NEW YORK
Asset Type:Commercial
Price Per Square Foot:$47
Total Square Footage:292,528 SF
Transaction Type:Sale

The property involved in this transaction is located at 2286 Cropsey Avenue in Gravesend, Brooklyn. It is a commercial asset and was sold in a net lease deal.

Summary of transation details

  • Property Type: Commercial
  • Transaction Amount: $14,000,000
  • Date: 07/08/2021
  • Buyer: Barone Management - Scott Barone
  • Seller: W&L Group
  • Market: Gravesend, Brooklyn

Barone Management, represented by Scott Barone, purchased a portion of the ground floor and the entire third floor of the building through a 99-year net lease valued at $14 million. This transaction is part of a larger mixed-use development project that spans 250,000 square feet and includes school, retail, and residential condominiums. The Barone Management is developing the future and permanent home of the Hebrew Language Academy 2 on the site.

Players

BM
Barone Management
BUYER
WG
W&L Group
SELLER

Details

SOLD
IMAGE: LEASE IMAGE: Scott Barone DATE: 07/08/2021 ADDRESS: 2286 Cropsey Avenue MARKET: Gravesend, Brooklyn ASSET TYPE: Commercial BUYER: Barone Management - Scott Barone SELLER: W&L Group PRICE: $14,000,000 ~ TERM: 99 Years NOTE: Barone Mgmt. signed a 99-year net lease valued at $14M for a portion of the ground floor, and the entire third floor of the building. Barone is developing the future and permanent home of Hebrew Language Academy 2 on the site. Barone’s school portion of the development is part of a larger overall mixed-use development of 250,000 SF consisting of school, retail, and residential condominiums.

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