TheVoreaGroup Acquires Development Site In Long Island City From Fortress Corporation For $90M
SOLD
$90,000,000
New York
See Similar DealsDevelopment Site457,520 SF
Sold 04/12/2021
SOLD
TheVoreaGroup Acquires Development Site In Long Island City From Fortress Corporation For $90M
2-33 50th Avenue, Long Island City, NY, USA
See Similar DealsDevelopment Site457,520 SF
Sold 04/12/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$196
Total Square Footage:457,520 SF
Transaction Type:Sale
The property involved in the transaction is a development site located at 2-33 50th Avenue in Long Island City. The transaction was completed with a sale price of approximately $90,000,000, encompassing a buildable square footage (BSF) of 457,520, resulting in a price per buildable square foot (PPBSF) of $196.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $90,000,000
- Address: 2-33 50th Avenue
- Market: Long Island City
- BSF: 457,520
- PPBSF: $196
- Buyer: The Vorea Group - Peter Papamichael
- Seller: Fortress Corporation
- Broker: Robert Knakal - JLL
The deal features key individuals such as Peter Papamichael representing The Vorea Group as the buyer. Fortress Corporation was the selling entity, and Robert Knakal acted as the broker for the transaction, representing the seller in the deal.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,800,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$319,750.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$426,645.92
Annual Debt Service$5,119,750.99
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