Oct. 23, 2017 by Nathaly Pesantez
Demolition permits have been filed to take down a couple of warehouses spanning three addresses on Davis Street, across from the former 5Pointz site that is undergoing construction.
The three permits for addresses 45-49 Davis Street, 45-51 Davis Street, and 45-57 Davis Street were filed on Oct. 18, and are comprised of three, one-story tax lots in two buildings.
The Vorea Group, the real estate company based in Long Island City, is in the midst of purchasing the 108,000 square-foot combined parcel for $21 million, the Real Deal first reported. The developer plans on bringing a residential building to the properties, currently owned by a family of woodworkers.
Stephen Preuss, senior managing director at Cushman & Wakefield and the real estate broker managing the sale, told the LIC Post that the completed building will be over 100,000 square feet, and will primarily be a residential building with rental units. There is a possibility of ground floor commercial space, he added.
Construction can begin as soon as the end of 2018, Preuss said, and should take approximately three years to complete.
The parcel sits directly across from the residential development that will bring two towers over 40-feet high and 1,000 units to the former 5Pointz site.
The Vorea Group’s developments include Jackson Square, a planned mixed used development with over 30,000 square-feet ft of retail and over 50,000 square feet of office space in Court Square, and the renovation of an industrial warehouse at 12-01 44th Drive.