2-33 50th Avenue
The Building: The 457,520 BSF development site is located in an opportunity zone and is zoned for either industrial or residential development (M1-5/R8A, M1-4/R7A) and currently holds a ~95,000 SF industrial property.
The Location: 2-33 50th Avenue is located in the Long Island City neighborhood of Queens, NY at the intersection of 50th Avenue and 5th Street.
Deal History: The site was purchased by current seller, Fortress Corporation in 1996 for an undisclosed sum.
● Recently Featured: Knakal was recently involved in two high profile transactions:
○ A $32 million, 75,000 BSF development site located at 1303 & 1309 Third Avenue.
○ A $61.5 million, 189,372 BSF development site located at 29 Jay Street.
The Buyer: The Vorea Group, primarily a real estate developer, has since expanded to owner representation, construction management, and real estate consulting services since its inception in 2009.
● Contact Info:
○ Website: www.vorea.com
○ Phone: 718-707-2884
○ E-mail: firstname.lastname@example.org
The Seller: Fortress Investment Group LLC manages diversified global investments worth approximately $52.7 billion of assets according to their website. “Founded in 1998, Fortress manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide.”
● Contact Info:
○ Website: https://www.fortress.com/
○ Phone: 212-798-6100
○ E-mail: email@example.com
○ Social: Linkedin
● Zola: Here
● Instagram Post: Here
● Traded Transaction Post: Here
Date: April 12, 2021
Recent Trades Brokered By Robert Knackal
Steven Rutman and Ethan Stanton of JLL brokered the 21,154 SF new construction medical office building located at 55-01 Myrtle Avenue.
Dan Kaplan, Justin Arzi, & John Reinersten brokered the development site that previously housed St. Michael’s Catholic Church.
The 457,520 BSF Long Island City development site is under contract.