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Peter Papamichael of Vorea Group buys 12-01 44th Avenue in LIC from Lawrence Aaronson of Craig Envelope

Back in September Real Estate Weekly reported that Vorea was in contract to purchase 12-01 44th Avenue after their announcement of the ground lease of 23-20 Jackson Avenue. Now has learned that Peter Papamichael of the Vorea Group recently closed on the purchase of the 44th Avenue property in Long Island City.

The property was being marketed by Jakub Nowak and Jonathan Eshaghian of Marcus and Millichap. The marketing material showed a 10,000 square foot property with a full basement above ground level. Sources have confirmed the purchase price of $548 per square foot, but it is not yet clear what Papamichael intends to do with the property.

The seller, Lawrence Aaronson was also operating his printing business, Craig Envelope, in the property and has decided to move the business elsewhere. Neither Aaronson or Papamichael could be reached for a comment.

Nowak and Eshaghian of Marcus and Millichap declined to comment on specifics of the deal or what Mr. Papamichael intends to do with the property. Eshaghian did comment on the broader market and the printing industry in general. “This is our first of two sales from printing companies who own their properties. We are seeing a shift in their business model and those businesses have timed their exits in the real estate at the peak of the market cycle.” Mr. Eshaghian was referring to another sale currently in contract at 25-11 49th Avenue, where CandidLitho is selling the 116,000 square foot property to a partnership of Jonathan Zamir of Keystone Equities and Normandy Real Estate Partners for over $40 million.

While Papamichael could not be reached for a comment. Public records show that he had filed for plans back in December to renovate the property, restoring the façade, additional structural work as well as improving the sidewalks. The Vorea website also shows rendering to the new project.

Rendering courtesy of Vorea Group