Vorea Group signs $25.8M refi with Hanover Capital for LIC gym, experience building
Vorea Group through the entity Borden Avenue Opportunity Zone Business LLC as borrower signed a refi loan with lender Hanover Capital through the entity 1004 Borden Hanover Lender LLC valued at $25.8 million for a new building holding a Vibe Fitness gym and an iFly indoor skydiving location, at 10-04 Borden Avenue in Long Island City, Queens.
The deal closed on March 24, 2026 and was recorded on April 3, 2026. The prior lender was an affiliate of 360 Capital Funding and Fortress Investment Group which held debt that had an original loan amount of $23.9 million.The property has 47,693 square feet of built space for a total buildable of 47,780 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $540 and the price per buildable square foot is $539 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Vorea Group was Peter Papamichael . The signatory for Hanover Capital was Nir Mor .
Prior sales, articles and revenue
The 47,693-square-foot property generated revenue of $3 million or $62 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on March 26, 2026 that Vorea Group borrowed $25.8 million from Hanover Capital for 10-04 Borden Avenue, Long Island City, Queens, NY. The borrower-side brokers were Daniel Kowalsky of HKS Real Estate Advisors.
The property
The retail building in Long Island City has 47,693 square feet of built space for a total buildable of 47,780 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 20 feet deep with a total lot size of 23,890 square feet. The lot is irregular. The zoning is M3-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing Hanover Capital on March 24, 2026 bought a loan with an original principal of $23.9M from 360 Capital Funding|Fortress Investment Group signed by Timothy Bailey , secured by 10-04 Borden Avenue, when owned by Vorea Group .
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.
Development
On the lot, there was a new building construction project, Q00516098, for a 44,333 square-foot office (B) building. The project was submitted by VOREA Group and filed by Josh Seidner with plans filed May 14, 2021 and permitted August 26, 2022.
The neighborhood
In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 15,500 square feet of the 15,500 square feet. The largest owner is Vorea Group, followed by Anthony Colao and then Lirr.
On the tax block, there was one new building construction project filed totaling 44,333 square feet. It is a 44,333 square-foot business (B) building submitted by VOREA Group and filed by Josh Seidner with plans filed May 14, 2021 and permitted August 26, 2022.
The majority, or 100 percent of the 15,500 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.
The borrower
The PincusCo database currently indicates that vorea group owned at least eight commercial properties with 543 residential units in New York City with 308,913 square feet and a city-determined market value of $30.3 million. (Market value is typically about 50% of actual value.) The portfolio has $286.6 million in debt, with top three lenders as Wells Fargo, ACRES Capital, and RRA Capital respectively. Within the portfolio, the bulk, or 31 percent of the 308,913 square feet of built space are industrial properties, with development properties next occupying 31 percent of the space. The bulk, or 87 percent of the built space, is in Queens, with Brooklyn next at 13 percent of the space.
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