Robert Knakal brokers $90M dev site 2-33 50th Avenue to Vorea Group

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2-33 50th Avenue

 The Deal: 2-33 50th Avenue, a 457,520 BSF development site in Hunter’s Point, LIC, Queens, NY sold for $90 million ($196 PPBSF). Robert Knakal of JLL brokered the deal.


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.

 

The Brokers: Robert Knakal of JLL brokered the sale.

 

      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: info@vorea.com

      Social: Linkedin, Instagram

 

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: opportunities@fortress.com

      Social: Linkedin 

 

Links:

      Zola: Here

      Instagram Post: Here

      Traded Transaction Post: Here

 

Date: April 12, 2021

 

Recent Trades Brokered By Robert Knackal

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