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The Vorea Group Buys Redevelopment Site in LIC

Class C Industrial Bldg Sold at $1,700 pSF
February 12, 2018
The Vorea Group acquired a 0.3-acre lot at 45.57 Davis St. in Long Island City, NY from a local owner for $21.65 million.

The property sold for land value, and is currently improved with a 12,500-square-foot, Class C warehouse building that was originally constructed in 1920.

The buyer plans to raze the existing structure and build a proposed nine-story, 158-unit multifamily building on the lot, located in the Hunters Point MF submarket of Queens. The project is expected to break ground in 2019 with an anticipated delivery date in the fourth quarter of 2020.

Stephen Preuss, Kevin Louie, Denise Prevete and Andreas Efthymiou of Cushman & Wakefield represented the seller. David Behin of Newmark Knight Frank represented the buyer in the sale.

Please see CoStar COMPS #4117192 for more information on this transaction.
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