The Vorea Group in Contract for LIC Development Site for $90M
The Vorea Group is in contract to buy a development site in Long Island City, Queens, for $90 million with plans to build a residential building on it, a source with knowledge of the deal said.
Peter Papamichael’s Vorea Group signed a contract to buy the parcel at 2-33 50th Avenue from self-storage company Fortress Corporation, The Real Deal first reported.
Representatives from Vorea and Fortress did not immediately respond to a request for comment.
A JLL (JLL) team led by Robert Knakal started to market the site, which includes a two-story warehouse and an adjacent parking lot, in 2019, Crain’s New York Business reported. The original pitch said the lot could accommodate more than 440,000 square feet of development. Knakal declined to comment.
Vorea first signed a contract to buy the site in October with a $2 million deposit, with the deal expected to close on March 31, property records show. Vorea extended the closing date on March 23 and it’s now set to finalize by Sept. 30, according to property records.
The source told Commercial Observer that Vorea plans to construct a new mixed-use development on the site with residential and retail space, which would be the developer’s second in the area.
Vorea filed permits in 2019 to build a nine-story, mixed-use building at 23-20 Jackson Avenue called Jackson Square, as CO previously reported. The firm previously nabbed $35 million from ACRES Capital to finance that construction.