A development site made up of three lots in Long Island City was recently purchased for $21,650,000 — or a little more than $1,000 per square foot.
According to real estate firm Cushman & Wakefield, which arranged the sale, the site at 45-57 Davis St. was purchased by The Vorea Group. The company was founded in 2009 and purchases sites mostly in northern Brooklyn and western Queens.
The site contains three lots and offers 108,000 buildable square feet within multiple zoning districts, which allow for mixed-use, residential and commercial development. The lot is currently 21,600 square feet. It sits across the former 5Pointz building and near the LIRR, the Court Square stop on the 7 line and the 21st Street-Van Alst stop on the G line.
“The purchase presents a tremendous opportunity to capitalize on the growing demand for multiple asset classes in Long Island City,” said Stephen R. Preuss, the senior managing director of Cushman & Wakefield. “Long Island City is rapidly emerging into a sought-after New York City neighborhood with its proximity to Manhattan and rising residential market.”
The Vorea Group is also responsible for the development of Jackson Square, a commercial building at 23-20 Jackson Ave., a two-story industrial warehouse project at 12-01 44th Ave. and sold a residential project on 44th Drive in 2014.