The Vorea Group Acquires Mixed-Use Development Site In Queens For $21.6M
45-49 Davis St, Long Island City, NY 11101, USA
Building Size
108,000 SF
Asset Type
Mixed-use
Closing
Jan 25, 2018
AI
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.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93