TheVoreaGroup Acquires Development Site In Long Island City From Fortress Corporation For $90M

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.