Vorea Group signs contract with storage company in LIC, pays $2M deposit

Peter Papamichael’s Vorea Group through the entity 50th & 5th LIC LLC signed a memorandum of contract with Fortress Storage through the entity Fortress New York Holdings, Inc., for 1 parcel, including the tax class miscellaneous warehouse (E9) at 2-33 50th Avenue in Queens. The memorandum was signed on October 1, 2020 and was recorded on October 9, 2020. The deposit disclosed in the filing was $2 million.
The property contains a total of 95,750 square feet of built space. The property has 361,760 square feet of available development rights.

Vorea Group  paid a $300,00 due diligence deposit that was released and in addition a $1.7 million deposit was released. The sale price was not disclosed in the filing but often the deposit is typically 10 percent of the sale price, which would imply a full sale price of $20 million.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Peter Papamichael