Real estate group obtains financing for new industrial complex in Long Island City – QNS.com
Innovo Property Group has secured a $ 155 million loan to begin construction of an industrial development located at 23-30 Borden Avenue in Long Island City. (Photo via Google Maps)
A new five-story industrial building arrives in Long Island City.
Innovo Property Group, a real estate investment and operating company, announced last week the closing of a $ 155 million loan for the construction of a new industrial building located at 23-30 Borden Avenue. The loan will be used to finance the construction costs of a development of approximately 900,000 square feet.
The site was previously a warehouse for FreshDirect, but in its new capacity it will serve as a last mile site and warehouse with on-site parking for one or more future businesses. The industrial building will also include elevated truck lots and a vertical parking structure providing direct access to all five levels of the building.
“This transaction supports our philosophy that Long Island City developments have significant value,” said Andrew Chung, founder of Innovo Property Group. “Industrial has been one of the best performing real estate sectors, driven by the significant increase in e-commerce spending. We believe this large, state-of-the-art facility with on-site parking will be in high demand. “
The company purchased the property in January 2019, in partnership with Atalaya Capital Management and Nan Fung Group for $ 75 million. The FreshDirect building has since been demolished to make way for the new structure.