49-08 5 Street

Owner: Vorea Group

Acquired: October 01, 2021, $88.5 million

Debt: January 07, 2022, $220 million

Built: 2022

SF: 559,203

Dwelling units: 499

No. of buildings: 1

Class: Fireproof – With Stores (D6)

Floors: 12

Transactions:

• Vorea Group borrowed $220 million from Wells Fargo for 2-33 50th Avenue, Long Island City, Queens on January 07, 2022.

• Fortress Storage sold 2-33 50th Avenue, Hunters Point/Long Island City, Queens for $88.5 million to Vorea Group on October 01, 2021.

• Fortress Storage sold 12086 50th Avenue, Queens, Queens for $0 to Vorea Group on October 09, 2020.

Development:

• VOREA Group filed new building job Q00564746 for 443,449 sqft R-2 building with 499 apartments in Long Island City, Queens, on August 19, 2021.

• Peter Papamichael filed alteration job Q01349664 for 2 sqft building with 499 apartments in Long Island City, Queens, on February 04, 2026.

• Kay Rigaud filed alteration job Q01319312 for 1,058 sqft R-2 building with 499 apartments in Long Island City, Queens, on December 15, 2025.

• Peter Papamichael filed alteration job Q01284289 for 1,146 sqft R-2 building with 499 apartments in Long Island City, Queens, on September 16, 2025.

• Peter Papamichael filed alteration job Q01264394 for 11 sqft building with 501 apartments in Long Island City, Queens, on September 02, 2025.

• Peter Papamichael filed alteration job Q01264397 for 11 sqft building with 501 apartments in Long Island City, Queens, on September 02, 2025.

Violations:

According to city public data, the properties have received $15,000 in ECB penalties, four housing violations, and $15,125 in OATH penalties in the last year.

Latest Stories:

• Vorea Group, Domain, L+M sign $220M construction loan with Wells Fargo for 499-unit development in Long Island City (January 10, 2022)

• VOREA, Domain, L+M pay $88.5M to Fortress Storage for dev site in LIC (October 04, 2021)

• Vorea Group signs contract with storage company in LIC, pays $2M deposit (October 12, 2020)