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

A development site located at 2-33 50th Avenue in Long Island City is currently in contract for sale. The buyer, @TheVoreaGroup represented by Peter Papamichael, has agreed to purchase the property from the seller, Fortress Corporation. The transaction is being facilitated by broker Robert Knakal from JLL. The sale price for the development site is approximately $90,000,000, with a building square footage (BSF) of 457,520 and a price per BSF (PPBSF) of $196.

Summary of Transaction Details

• Property Type: Development Site 🏗
• Transaction Amount: $90,000,000 (approx.)
• Buyer: @TheVoreaGroup - Peter Papamichael
• Seller: Fortress Corporation
• Broker: Robert Knakal - JLL
• Address: 2-33 50th Avenue, Long Island City
• Market: Long Island City
• BSF: 457,520
• PPBSF: $196

TheVoreaGroup, represented by Peter Papamichael, is set to acquire the development site at 2-33 50th Avenue in Long Island City from Fortress Corporation. The transaction is being facilitated by broker Robert Knakal from JLL. This deal represents a significant investment opportunity in the Long Island City market, with a sale price of approximately $90,000,000. The development site offers a substantial building square footage of 457,520 and a price per BSF of $196.