The Vorea Group Acquires Mixed-Use Development Site In Queens For $21.6M

The Vorea Group’s principal Peter Papamichael and Cushman & Wakefield’s Stephen R. Preuss were involved in the closed transaction for the mixed-use development site located at 4549-4557 Davis Street, Long Island City, Queens. The property, which spans 108,000 square feet, was sold by Tribute Management Corp. to The Vorea Group for a price of $21,650,000. The price per buildable square foot (PPBSF) for this transaction was $201.

Summary of transaction details:

• Property Type: Mixed-Use Development Site
• Transaction Amount: $21,650,000
• Address: 4549-4557 Davis Street, Long Island City
• City: New York
• Market: Queens
• BSF: 108,000 sf
• PPBSF: $201
• Seller: Tribute Management Corp.
• Buyer: The Vorea Group - Principal Peter Papamichael
• Broker: Stephen R. Preuss - Cushman & Wakefield

The deal was facilitated by Stephen R. Preuss from Cushman & Wakefield, who represented The Vorea Group as their broker in this transaction. This closed transaction showcases the involvement of key individuals and companies in the real estate industry, further exemplifying their expertise and contribution to the market.