VOREA, Domain, L+M pay $88.5M to Fortress Storage for dev site in LIC

The VOREA Group, Domain Companies, and L+M Development Partners through the entity 50th & 5th Lic LLC paid $88.5 million to Fortress Storage through the entity Fortress New York Holdings, Inc. for the development site (U7) at 2-33 50th Avenue in Hunters Point/Long Island City, Queens.
The deal closed on September 20, 2021 and was recorded on October 1, 2021.

The signatory for Fortress Storage was Ladd M. Thorne. The signatory for VOREA Group, Domain Companies, and L+M Development was Peter Papamichael and Matthew Schwartz.
(Q00564746) Plans for a 499-unit, 562,607 square-foot R-2 were filed on August 19, 2021.
This is for a development site where a 12 story building is planned. Permit applications were filed in August.

Within a 400-foot radius of 2-33 50th Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
There were two new building permit applications. The most recent of these two items was a filing on March 3, 2021 for a 14,993-square-foot R-2 building with six residential units at 50-07 5th Street.

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