Barone Management signs 99-year lease valued at $4.5M for industrial in Long Island City

Barone Management through the entity Barone Ttmd, LLC as tenant signed a memorandum of lease valued at $4.5 million with landlords Anastasios Papadopoulos and Konstantinos Papadopoulos through the entity 34th And Tenth LLC for industrial (F1) at 34-12 10th Street in Long Island City, Queens.
The deal closed on November 12, 2020 and was recorded on August 20, 2021.
The property has 15,150 square feet of built space and 7,649 square feet of additional air rights for a total buildable of 22,766 square feet according to PincusCo analysis of city data. The sale price per built square foot is $297 and the price per buildable square foot is $197 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 Anastasios Papadopoulos and Konstantinos Papadopoulos was Anastasios Papadopoulos. The signatory for Barone Management was Scott Barone.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1.4 million. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $48,000.
The 99-year lease began November 12, 2020, and runs to 2119.

Within a 400-foot radius of 34-12 10th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $34.8 million. The most recent of the two was Phoenix House which borrowed $18.3 million from Israel Discount Bank Of New York secured by the 47,713-square-foot, one-unit industrial (I9) on 34-25 Vernon Boulevard and three other properties on April 27, 2021.

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