Innovo Property Group, represented by JLL Capital Markets, has secured $354 million in financing to complete a new industrial development at 28-90 Review Avenue in Long Island City, Queens. Total capitalization includes multiple financial packages for acquisition, construction, and development costs provided by Axos Bank, Cerberus Capital Management, and Goldman Sachs Asset Management’s Urban Investment Group.
The property at 28-90 Review Avenue represents an assemblage of more than four acres near the Newtown Creek waterfront. Renderings from KSS Architects show a six-story concrete structure with an entry ramp and loading docks for large trucks, a cantilevered volume with red cladding, rooftop solar panels, and an open-air parking garage.
When complete, the building will comprise 352,000 square feet of industrial manufacturing space. There will also be a parking garage designed to accommodate 174 vehicles and an unspecified number of surface-level parking spaces.
28-90 Review Avenue in Long Island City, Queens via Google Maps
JLL represented Innovo Property Group LLC in securing construction financing through Axos and Cerberus Capital Management. Additionally, JLL lined up the equity with IPG and Goldman Sachs Asset Management’s Urban Investment Group.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Hope they can incorporate using the Newtown creek waterways for cargo movement, revitalizing this shipping corridor could help alleviate truck traffic and perhaps lower costs.
This is an interesting design. Does anyone know what specific business will be manufacturing here?
They can say what they want, but you can rest assured that there will no manufacturing here whatsoever. It will be used as a warehouse/logistical space to store and move products for some kind of online sales entity. Glenn in Brooklyn, NY.