Vorea Holdings will spend $21 million to buy a development site in Queens and turn it into a residential building, according to a source familiar with the deal.
The Long Island City site at 45-57 Davis Street spans 108,000 square feet and is currently occupied by a one-story warehouse housing a family-run woodworking company, according to Cushman & Wakefield‘s Stephen Preuss, who brokered the deal. The family is relocating their business to Long Island, and Preuss said he expects the building to be demolished and shovels to be in the ground by the end of next year.
It is unclear how many residential units will be in the building, but Preuss estimated it would be around 150.
The Vorea Group has several other properties in Queens, including ones on 41st Street in Astoria and 44th Avenue in Long Island City.
Their latest project will be right next to the controversial 5Pointz project, where developer Jerry Wolkoff is planning 41- and 47-story towers with about 1,000 apartments.