The Real Deal New York

New York Times subsidiary inks lease at LIC warehouse

Vorea Group is renovating the building
By Kathryn Brenzel | July 05, 2018 05:15PM

12-01 44th Ave in Queens (Credit: The Vorea Group)

A New York Times subsidiary is moving into a two-story warehouse in Long Island City.

Wirecutter, a product-review website acquired by the Times in 2016, inked a lease for space at 12-01 44th Avenue, according to documents filed with the city’s Department of Finance on Thursday. The company plans to use 15,000 square feet of the building as an office and test center, while the Times will take the property’s remaining 5,000 square feet.

David Perpich, president and general manager of Wirecutter, noted that the location for the new office was attractive due to its proximity to its parent company’s headquarters and that the neighborhood “aligns with Wirecutter’s energy.”

Lee & Associates’ Seth Rosen, who handled the listing, wasn’t available to discuss the deal.

The Vorea Group purchased the warehouse in April 2017 for $5.5 million. The company plans to renovate the building and secured a $10.75 million loan from Starwood Mortgage Capital last month to refinance the property. Though lease documents indicate that Wirecutter agreed to move to the warehouse in December, the deal didn’t hit public records until Thursday.

Peter Papamichael, principal of Vorea, didn’t return messages seeking comment.

In October, Vorea picked up a development site at 45-57 Davis Street in Long Island City for $21 million.