The Real Deal New York

Simon Baron pays $313M for partner’s stake in LIC resi complex

The firm acquired Quadrum Global's 96.45 percent interest in ALTA LIC
By Christian Bautista | October 22, 2018 06:22PM

Simon Baron CEO Matthew Baron and 29-22 Northern Boulevard (Credit: RC Structures)

Simon Baron Development bought its partner’s stake in a 467-unit Long Island City residential complex, the second such transaction for the company in the past two weeks.
The company acquired a 96.45 percent stake in rental complex ALTA LIC for $313.2 million, according to records filed city on Monday. The property, at 29-22 Northern Boulevard, is a 43-story building that spans 380,700 square feet. Simon Baron jointly owned the property with its frequent collaborator, Miami firm Quadrum Global.
The building is the largest ground-up co-living development in the country, according to a previous announcement from Simon Baron and Quadrum. The 43-story tower contains 14 floors (covering floors two to 16) of co-living units, with rents ranging from $1,380 to $2,063 per month. The units are managed by co-living firm Ollie. Amenities for the co-living apartments include linen service, housekeeping and access to a social club.
Simon Baron, headed by Jonathan Simon and Matthew Baron, previously bought Quadrum’s 97.8 percent stake in 393 West End Avenue, a 16-story, 114-unit rental building at the corner of West 79th Street in the Upper West Side. The partnership’s portfolio includes the Arlo Hotel in NoMad and The Chamberlain at 269 West 87th Street.
Simon and Quadrum bought the Long Island City property for $53 million in 2015. Leasing began in March and construction is “nearing completion,” according to Simon Baron’s website.
The two firms did not immediately respond to requests for comment.