VOREA Group signs $38.9M refi loan with ACRES for hotel in Long Island City

VOREA Group through the entity Vorea Jackson LLC as borrower signed a refi loan with lender ACRES Capital through the entity AMF Levered II, LLC valued at $38.9 million for the hotel building (H6) at 23-20 Jackson Avenue in Long Island City, Queens.
The deal closed on July 15, 2025 and was recorded on August 4, 2025. The property has 64,387 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $604 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 ACRES Capital was Jaclyn Jesberger .

Prior sales and revenue

The 64,387-square-foot property generated revenue of $2.9 million or $44 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Long Island City has 64,387 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-5/R7-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $9.5 million. The most recent loan totaled $24.1 million and was provided by ACRES Capital on October 8, 2021.

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 $1,885 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 420665275, for a 72-unit, 66,670 square-foot R-1 building. The project was submitted by VOREA Group and filed by Peter Papamichael with plans filed March 1, 2019 and permitted July 24, 2020.

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 3.8 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 9th most active neighborhood among other neighborhoods. It had 5.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 15 commercial properties representing 483,772 square feet of the 520,872 square feet. The largest owner is L+M Development Partners, followed by Joel Zupnick and then Vorea Group.
On the tax block, there were three new building construction projects totaling 205,305 square feet. The largest is a 92-unit, 76,322 square-foot residential (R-2) building submitted by Vee Hospitality and filed by Amit Veeramachaneni with plans filed February 1, 2019 and permitted February 4, 2021. The second largest is a 72-unit, 66,670 square-foot hotel/dormitory/shelter (R-1) building submitted by VOREA Group and filed by Peter Papamichael with plans filed March 1, 2019 and permitted July 21, 2020.

The majority, or 78 percent of the 520,872 square feet of built space are elevator buildings, with hotel buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Vorea Group owned at least nine commercial properties with 543 residential units in New York City with 315,913 square feet and a city-determined market value of $31.9 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 33 percent of the 315,913 square feet of built space are industrial properties, with development properties next occupying 30 percent of the space. The bulk, or 85 percent of the built space, is in Queens, with Brooklyn next at 15 percent of the space.

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