TheVOREAGroup Acquires Development Site In Queens For $88M

A development site located at 2-33 50th Avenue in Queens has been sold for a price of $88,000,000. The property consists of a total of 417,120 square feet (BSF) with a price per square foot (PPBSF) of $210. The transaction took place on September 20, 2021.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $88,000,000
• Address: 2-33 50th Avenue, Queens
• Market: Queens
• Buyer: TheVOREAGroup - Peter Papamichael
• Seller: The Fortress Corporation - Ladd Thorne
• Brokers: Bob Knakal, Brendan Maddigan, Jonathan Hageman, Stephen Palmese, Ethan Stanton, Winfield Clifford, Michael Mazzara - JLL
• BSF: 417,120
• PPBSF: $210

The buyer of the development site is Peter Papamichael from TheVOREAGroup, while the seller is The Fortress Corporation represented by Ladd Thorne. The transaction involved several brokers, including Bob Knakal, Brendan Maddigan, Jonathan Hageman, Stephen Palmese, Ethan Stanton, Winfield Clifford, and Michael Mazzara from JLL.