Future commercial development projects by the Vorea Group in Long Island City will include iFLY’s first indoor skydiving facility in New York City.
The indoor skydiving company has signed a 20-year lease of approximately 10,000 square feet on two floors on Borden Avenue 10-04 in Queens. The financial terms of the contract have not been disclosed. Igloo, Vorea’s commercial leasing arm, brokered the transaction.
iFLY occupies approximately 6,800 square feet of retail stores and approximately 3,200 square feet of mechanical space on the first two floors of the building. With this agreement, iFLY will become the retail anchor for the project.
The iFLY space will be completed by next year and the rest of the building will be completed by the end of 2023. When completed, the building will have 50,000 square feet over three floors and 6,000 square feet of outdoor space. Vorea is still defending other tenants for the project.
10-04 Borden Avenue’s proximity to the Long Island City waterfront and Queens Midtown Tunnel has attracted iFLY to this space, said Adam Jolly, Head of Business Development at Borea.
“This site is on display in more than 60 million cars between the Queens Midtown Tunnel and the Pulaski Bridge connecting Brooklyn. So it was really a flagship. [iFLY] And they felt the place was a place to make a presence in New York, “Jolly said.
According to Jolly, iFLY has also explored locations elsewhere in Manhattan, Brooklyn and Queens. The indoor skydiving company already has two suburban facilities in Yonkers and Paramus.
10-04 Borden Avenue is being developed by Borden Ave OpZone, a joint venture between Vorea and Andru Coren. The mixed-use project was formerly the location of a commuter parking lot at the intersection of Borden Avenue, Jackson Avenue and Vernon Boulevard.
A future project is Borea’s latest multipurpose commercial development in what real estate companies call the “LIC Triangle”, a defined area south of the Queensboro Bridge and west of the Sunnyside Railroad Yard. Companies such as Compass, Charter Spectrum, The New York Times, and Sonder are one of the companies that have signed on to space on Vorea’s Long Island City campus since 2019.
Vorea is part of a real estate developer joint venture that closed in September. $ 88 million A 12-story multipurpose facility in Long Island City. This project occupies a complete blockfront along Fifth Avenue between 49th and 50th Avenues near the waterfront.
The developer started the project in January $ 220 Million Loan.. When completed, the 484,000-square-foot property will offer nearly 500 residential units and 40,000-square-foot first-floor retail and community facilities. About 30% of apartments are secured as income limits under the affordable New York program. The project is expected to be completed by October 2024.
By 2025, about 7,500 homes will open in Long Island City, according to Jolly, and Borea’s commercial development is being built to benefit from the influx of residents.
“At this point, I think housing is a very easy bet,” Jolly said. “All the data is there. The evidence is there. The product exists. Institutional capital has flooded this market and is now like” How to create a sustainable ecosystem “. It has become.