Barone Management pays $4.5M for office building in Astoria

Barone Management through the entity 1111 40th LLC paid $4.5 million to Meng Hua Wang through the entity 40 Ave Corner, LLC for office building (O5) at 11-11 40th Avenue in Astoria, Queens.
The deal closed on November 12, 2021 and was recorded on December 2, 2021.
The property has 15,000 square feet of built space and 22,500 square feet of additional air rights for a total buildable of 37,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $300 and the price per buildable square foot is $120 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 seller bought the property on February 21, 2018, for $10.5 million.
The signatory for Meng Hua Wang was Meng Hua Wang. The signatory for Barone Management was John Silviano.
(421716021)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 30, 2020.
Within a 400-foot radius of 11-11 40th Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Teddy Li and Zheng Chen borrowed $41.4 million from Madison Realty Capital secured by the hotel (H2) on 38-61 11th Street on December 4, 2019.

Direct link to Acris document. link