Vorea Holdings buying LIC dev site
Company plans to turn one-story warehouse into residential rental building
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