Innovo Property Group

JLL Arranges $354M Total Capitalization for Industrial Project at 28-90 Review Avenue in Long Island City, Queens

7:30 am on July 21, 2023 By Sebastian Morris

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 Borden Complex Tops Out at 23-30 Borden Avenue in Long Island City, Queens

7:30 am on December 20, 2022 By Michael Young

Construction has partially topped out on The Borden Complex, a five-story industrial building at 23-30 Borden Avenue in Long Island City, Queens. Designed by KSS Architects for Innovo Property Group, which acquired the property for $75 million with Atalaya Capital Management and Nan Fung Group, the 166-foot-tall structure will span 840,000 square feet and house logistics and warehouse space featuring truck courts, a distribution center, two stories of film and television studios, office space, and on-site vertical parking. Earlier this summer, IPG closed on a $435 million loan from Starwood Property Trust and JPMorgan to refinance the development. March Associates Construction is the general contractor for the project, which is located between Borden Avenue and Newton Creek. HLW is the designer of the studio facility within the building.

The Bridge at 24-02 49th Avenue - Innovo Property Group

Innovo Property Group Launches Leasing at ‘The Bridge’ in Long Island City, Queens

7:00 am on June 29, 2020 By Sebastian Morris

Leasing has officially kicked off at The Bridge, a newly renovated commercial property located near the southern boundary of Long Island City. The seven-story building is located at 24-02 49th Avenue and comprises approximately 830,000 square feet.

2505 Bruckner Boulevard - Design by KSS Architects

Developers Secure $305 Million for Logistics Center at 2505 Bruckner Boulevard in The Bronx

7:30 am on April 3, 2020 By Sebastian Morris

The development team behind a waterfront logistics center in The Bronx’s Schuylerville neighborhood has secured $305 million in financing to fund construction. The New York City-based developers include Innovo Property Group and Square Mile Capital Management, who worked with Bank OZK and the Structured Finance platform of EverWest Real Estate Investors to structure the deal.

Permits Pre-Filed for 640 Columbia Street, Red Hook, Brooklyn

6:30 am on June 18, 2018 By Andrew Nelson

Permits are now processing for a sizable new three-story building at 640 Columbia Street, in Red Hook, Brooklyn. The filings confirm movement on a new multi-level commercial distribution center by Dov Hertz and the Innovo Property Group, making this the second large warehouse by the pair in the Five Boroughs. Their first project, still under development, is 2050 Bruckner Boulevard in the Bronx. The Red Hook site would be right next to IKEA, with close proximity to the I-278 and I-478, which would give trucks quick access to Manhattan, Long Island, and New Jersey through Staten Island.

First Look at Multi-Level Commercial Distribution Center Coming to 2505 Bruckner Boulevard, The Bronx

7:30 am on January 30, 2018 By Andrew Nelson

The redevelopment of the riverside commercial site at 2505 Bruckner Boulevard, Schuylerville, has long been a mystery. Our last reporting on the project was back in 2015, when Extell acquired the 20 acres of land. The property has since passed along to Innovo Property Group and Square Mile Capital Management LLC, who will be building a massive, two-story, 840,000 square feet commercial distribution center. With two different levels of loading and unloading, it will be the first of its kind for the city, allowing for speedier and faster service on site.

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

11:00 am on July 26, 2016 By Reid Wilson

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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