Baron Property Group Buys Long Island City Site Ahead of Redevelopment

LargaVista Companies is turning over the deed to a construction site in Long Island City, Queens, to its development partner.

LargaVista sold 30-25 Queens Boulevard to Baron Property Group for $82.5 million. The sale will assist Baron in its quest to build a 561-unit apartment building near the Queens Plaza stop on the E, M and R train stop and Sunnyside Yards to the southeast.

LargaVista will remain a partner in the project, according to Baron.

Baron took out $221.2 million in loans from Blackstone Real Estate Debt Strategies, according to property record filings, to build the structure, which is slated to have 169 affordable units, 110 condominiums and 21,000 square feet of retail, New York YIMBY reported.

Starwood Capital Group and Blackstone have lended a total of $389 million to project, according to the lender.

LargaVista and Baron Property Group did not respond to requests for comment. Blackstone declined to comment.

CetraRuddy Architecture has been working on designs for the building that fit the character of the cluster of surrounding residential high-rises that have sprung up in the last decade or so.

LargaVista and Baron took control of the property in 2018 when it signed an agreement with Palmana Realty, a LargaVista affiliate which has owned the land and the previous structure since 1981, and eventually gave the partnership development rights in 2022, according to property records.

The developers have already broken ground on the project expected to be completed by 2028, according to New York YIMBY.

Mark Hallum can be reached at mhallum@commercialobserver.com.