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Simon Baron Development buys out partner’s stake in LIC rental

Quadrum Global was the majority owner of the 43-story building

ALTA at 29-22 Northern Boulevard (Credit: Simon Baron)

Simon Baron Development has brought out Quadrum Global’s 96.45 percent stake in 29-22 Northern Boulevard for $313.2 million, according to TRD. The Long Island City rental tower spans 500,302 square feet, and contains 467 units.

Worth Noting: Co-living startup Ollie is managing 14 floors of the building, which houses 169 micro-suites and over 422 beds. With a beautiful building that benefits from great access to nearby subways, this is a good test for the viability of the co-living model.

For the tech founders out there… Jonathan Simon and Matthew Baron were two of the first investors in Ollie. The developers have provided the startup with extraordinary value above and beyond seed money.

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