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45-49 Davis St, Long Island...

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

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

Stephen R. Preuss Sr.

Ripco

Broker

$2B

vol

259 deals

Broker
Peter Papamichael

Peter Papamichael

Vorea Group

Buyer

$376.1M

vol

9 deals

Buyer

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