Vorea Group pays $4.7M for dev site industrial in Long Island City

Vorea Group through the entity 536 50th Vorea LLC paid $4.7 million to Lawrence T. Dolin through the entity Doluce Realty Corp. for the development site at 5-36 50th Avenue in Long Island City, Queens.
The deal closed on July 28, 2022 and was recorded on August 26, 2022.
The signatory for Lawrence T. Dolin was Lawrence T. Dolin. The signatory for Vorea Group was Peter Papamichael.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Vorea Group purchased two properties in two transactions for a total of $88.5 million and has no record it sold any properties over the past 24 months.
The seller Lawrence T. Dolin had not purchased any other properties and had not sold any properties over the same time period. The 2,500-square-foot property generated revenue of $290,688 or $116 per square foot, according to the most recent income and expense figures.

The property

The 5-36 50th Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-4/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $285,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

The neighborhood

In Long Island City, the bulk, or 34 percent of the 63.3 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 7th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Long Island City is the 3rd most active neighborhood among other neighborhoods. It had 9.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 30 commercial properties representing 12,289 square feet of the 132,289 square feet. The largest owner is Fred Lee, followed by Nicholas Serio and then Juan David Gomez.
There is one active new building construction project totaling 18,704 square feet. It is a six-unit, 18,704-square-foot R-2 building developed by Lenny Vays with plans filed March 3, 2021 and it has not been permitted yet.

The majority, or 54 percent of the 124,525 square feet of built space are mixed-use buildings, with industrial buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Vorea Group owned at least four commercial properties in New York City with 181,137 square feet and a city-determined market value of $12.6 million. (Market value is typically about 50% of actual value.) The portfolio has $279.1 million in debt, borrowed from Wells Fargo and ACRES Capital. Within the portfolio, the bulk, or 64 percent of the 181,137 square feet of built space are industrial properties, with hotel properties next occupying 36 percent of the space. They are all located in Queens.

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