Vorea Group obtained financing of $35M from Acres Loan Origination

Vorea Group through the entity Vorea Jackson LLC as borrower signed a loan agreement with lender Acres Loan Origination, LLC valued at $35.0 million for 1 parcel, including the tax class fireproof office building up to nine stories (O1) at 23-20 Jackson Avenue in Long Island City. The deal closed on August 15, 2019 and was recorded on August 28, 2019.
The property contains a total of 10,000 square feet of built space. The property has 40,000 square feet of available development rights.
The average loan per buildable square foot is $700.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 66,302 square feet. Those plans include a total of 72 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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