Barone Management’s Scott Barone Acquires Three Bronx Leaseholds
Lee & Associates NYC represented the fee owner and procured a leaseholder for three properties in the Bronx. Located at 629 Courtlandt Ave., 1680 Southern Blvd. and 4035 White Plains Rd., they were built in the early 1970s and total more than 66,000 square feet, with 74,000 square feet of combined air rights for community facility use.
Ben Tapper, director of Lee NYC’s National Investment Services Group, was the sole broker. The new leaseholder is Scott Barone, founder of Barone Management. The Gargiulo family owns all three buildings.
“These buildings have been owned by the same family since they were built in the 1970s, and by creating leaseholds the family has the ability to retain ownership for multiple future generations,” said Tapper. “These are irreplaceable locations in the Bronx and a great outcome for all parties,”
Barone added, “All three of the assets will be renovated and put back into use for direct impact in the community. For example, 629 Courtlandt Ave. will be re-developed as a charter school.”
Bea Drechsler, co-founder of Drechsler & Drechsler LLP, represented the fee owner. Neil Miller, partner at Katsky Korins LLP, represented the leaseholder.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).