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Barone Closes on Buy of 2 Parcels from Sisters of St. Dominic
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Barone Management has closed on its acquisition of two adjacent parcels of land totaling 295,000 buildable square feet in Jamaica, Queens from the Sisters of St. Dominic. Deal terms were not disclosed.
One of the parcels includes the former home of Dominican Commercial High School, and an educational institution will be part of Barone’s development, along with two new residential buildings.
“Jamaica is undergoing a real renaissance, with strong economic development and investment spurred by its outstanding transportation options, history and community,” said Barone president Scott Barone. “The Dominican Commercial High School building is an architectural gem that can be easily updated to meet the educational needs of current and future residents, and a perfect location for new, quality housing.”
The Greater Jamaica Development Corporation projects 3,000 housing units, 500,000 square feet of retail and 800 hotel rooms to come on line in the area over the next five years.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
