New Owners Plan Commercial-Office Renovation at Seven-Story Property, 24-02 49th Avenue, Long Island City

24-02 49th AvenuePresent-day 24-02 49th Avenue. Photo by Theodore Parisienne for New York Daily News

Innovo Property Group and Westbrook Parters have acquired, for $195 million, the seven-story, 640,000-square-foot office-industrial building at 24-02 49th Avenue, in southern Long Island City. The purchase was financed with a $136 million mortgage, Commercial Observer reported. The building is nearly completely leased, with the New York City Housing Authority (NYCHA) occupying 480,000 square feet across five floors. The new owners plan to not renew NYCHA’s lease, which expires in 2020. The plan is to renovate the property to include modern and creative office space. The property is right across the street from the Hunters Point Avenue station on the 7 train and the Long Island Rail Road.

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1 Comment on "New Owners Plan Commercial-Office Renovation at Seven-Story Property, 24-02 49th Avenue, Long Island City"

  1. I have seen building ready to renovate, and I trust developer’s ability to do business well.

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