Peter Papamichael of Vorea Group signs 99 Year Ground Lease in Long Island City with Land owners and brothers Yury and Michail Kandov of Prime Time Limo
Another major deal has occurred in Long Island City. Peter Papamichael of the Vorea group signed a 99 year lease at 23-20 Jackson Avenue in Long Island City. The Lease is for $450,000 a year which comes out to $45 a square foot. The seller and current lessor is brothers Michael and Yuri Kandov of Prime Time Limo; a New York based limo service. As part of the deal, Prime Time Limo will remain a tenant in the space for one more year.
The building located on the corner of Jackson Avenue and Pearson Street is approximately 10,000 SF and can be a potential 50,000 SF mixed use development opportunity. The deal was brokered by Evan J. Daniel of Modern Spaces. Queensbeans reached out to both Evan and Modern Spaces for comments but there was no response.
This deal is just another indicator of investors and developers, being all in on Long Island City. Even though Queens as whole is down in volume year over year, the Long Island City market is up 30%-40% as of Q2 of 2016.