NEW YORK CITY—Barone Management, a development, construction and investment company based in New York City, purchased the former Angel Guardian Home for Little Children from the Sisters of Mercy for $37.5 million. The roughly three-and-a-half acre lot is bound by 63rd and 64th streets and 12th and 13th avenues, in the southwest Brooklyn neighborhood Dyker Heights, which is located between Bay Ridge and Bensonhurt.

Scott Barone, the founder and president of Barone Management, tells GlobeSt.com how elected officials and community leaders helped shape the development plans. “They put it right on the table,” says Barone. “They said, 'Listen, the residential is very nice but we really need senior housing and we really need schools. The school district currently is 11,000 seats over-capacity. This what we really need in this neighborhood. What can you do to help us?'”