Barone Management pays $14.4M to McSam Hotel Group for commercial, retail in Corona

Barone Management through the entity JJS Hudson LLC paid $14.4 million to McSam Hotel Group through the entity 111 Roosevelt Development LLC for one commercial condominium unit and one retail unit at 108-68 Roosevelt Avenue in Corona, Queens. The expected use is cash flowing. Barone Management is developing a location for the Our World Neighborhood Charter School, according to the Barone Management website.
The deal closed on December 15, 2025 and was recorded on December 23, 2025. The two properties have 46,923 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $307 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for McSam Hotel Group was Sam Chang . The signatory for Barone Management was John Silviano . The contract date was November 5, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 108-68 Roosevelt Avenue.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Barone Management purchased one property in one transaction for a total of $5.4 million and has no record it sold any properties over the past 24 months.
The seller McSam Hotel Group purchased one property in one transaction for a total of $7.8 million and sold six properties in six transactions for a total of $304.3 million over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 108-68 Roosevelt Avenue, PincusCo has identified the owners of 11 of the 16 commercial properties representing 86,469 square feet of the 136,889 square feet. The largest owner is Platinum Realty Associates, followed by Xiao Jie Ye and then Xin Yun Bao.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 136,889 square feet of built space are retail buildings, with walkup buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Mcsam Hotel Group owned at least 24 commercial properties with 17 residential units in New York City with 1,092,980 square feet and a city-determined market value of $251.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 92 percent of the 1,092,980 square feet of built space are hotel properties, with industrial properties next occupying 3 percent of the space. The bulk, or 84 percent of the built space, is in Manhattan, with Queens next at 16 percent of the space.

The buyer

The PincusCo database currently indicates that Barone Management owned at least 11 commercial properties with 11 residential units in New York City with 305,093 square feet and a city-determined market value of $39.4 million. (Market value is typically about 50% of actual value.) The portfolio has $115 million in debt, with top three lenders as Metropolitan Commercial Bank, Berkshire Group, and Low Income Investment Fund respectively. Within the portfolio, the bulk, or 46 percent of the 305,093 square feet of built space are specialty properties, with office properties next occupying 33 percent of the space. The bulk, or 67 percent of the built space, is in Queens, with Bronx next at 30 percent of the space.

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