Innovo Property Group (IPG), a leading New York City-based real estate investment and operating company founded by Andrew Chung and backed by Nan Fung Group, closed on $354 million of equity and vertical construction financing for a New York City industrial project. The site is prominently located at 28-90 Review Avenue, at the intersection of Review and Borden Avenues in Long Island City, Queens. The Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), and IPG provided the equity in the deal while [Axos Bank and Cerberus Capital Management] provided the construction financing.
Upon completion, 28-90 Review Avenue will be a state-of-the-art, industrial warehouse facility with significant onsite electric vehicle ready parking. Featuring approximately 60,000 sqft floorplates, the building is ideally positioned for traditional industrial users and purposefully designed for functional, multi-tenant use. The building is located within a 12-minute commute to Midtown Manhattan and less than 25-minutes from New York City’s major airports. 28-90 Review Avenue is expected to be completed by the end of 2025.
Michael Lohr, a Managing Director in the Urban Investment Group within Goldman Sachs Asset Management said, “We believe that this new facility has the potential to address the growing demand for warehouse space in the New York City industrial market through its strategic location and convenient access to Manhattan and the Outer Boroughs. We look forward to seeing the impact it will have onto the community by creating new economic activities and job opportunities.”
Andrew Chung, Founder and CEO of IPG said, “We have a deep understanding of New York City’s industrial needs, and have excelled in developing strategically placed, highly functional, industrial properties. We look forward to delivering this new project as the immediate area continues to become the Borden Innovation District in the heart of New York City.”
IPG continues to lead the industrial market and has recently announced milestone accomplishments. Earlier this month, IPG with Affinius Capital LLC closed a $334 million recapitalization of 2505 Bruckner Boulevard, a 1 million sqft, premium urban industrial facility in the Bronx.
Earlier this year, IPG celebrated the topping out of The Borden Complex. Located at 23-30 Borden Avenue in Long Island City, the world-class mixed-use development broke ground during Summer 2022 and is expected to wrap construction in Spring 2024. Upon its completion, the Borden Complex will be a state-of-the-art multistory mixed-use development set to feature both Class-A industrial and purpose-built film studio space.
Since 2015, IPG has actively invested in New York City with a focus on value-add developments and redevelopments. With a robust portfolio of properties, IPG has been one of the most formidable industrial players in New York City with a focus on delivering mixed-use industrial developments.
