Barone Management signs net lease valued at $14M with W&L Group in Gravesend

Barone Management through the entity Barone Cysa LLC signed a 99-year net lease valued at $14 million with W&L Group through the entity Cropsey Partners LLC for a portion of the 154-unit rental (D6) at 2286 Cropsey Avenue in Gravesend, Brooklyn.
The deal closed on November 20, 2020 and was recorded on July 8, 2021.
The property has 292,528 square feet of built space and 0 square feet of additional air rights for a total buildable of 111,021 square feet according to PincusCo analysis of city data.
The owner bought the property on 27-Jan-14, for $19.1 million.
The signatory for W&L Group was Tony Wang. The signatory for Barone Management was Scott Barone.
(320978064) Plans for a 154-unit, 239,426 square-foot R-2 were filed on September 24, 2014.
The 99-year lease is for a portion of the ground floor and the entire third floor. The lease commenced November 20, 2020. W&L Group is led by Thomas Wang.
Within a 400-foot radius of 2286 Cropsey Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 29, 2019 for the $2.9 million renovation of 17,350-square-foot I-4 building with no residential units at 2266 Cropsey Avenue.
Of those three items, two were loans above $5 million totaling $116.0 million. The most recent of the two was Allure Group and Landpex Development which borrowed $87.4 million from Bank Leumi Usa secured by the 0-square-foot development site (V1) on 2266 Cropsey Avenue and one other property on April 16, 2021.

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