Real estate group secures funding for new industrial complex in Long Island City – QNS.com
Innovo Property Group received a $ 155 million loan to begin construction of an industrial development at 23-30 Borden Avenue in Long Island City. (Photo via Google Maps)
A new five-story industrial building is coming to Long Island City.
Innovo Property Group, a real estate investment and operating company, announced last week the closure of a $ 155 million home loan for a new industrial building at 23-30 Borden Avenue. The loan is intended to finance the construction costs for a development of around 900,000 square meters.
The site used to be a warehouse for FreshDirect, but in its new capacity it will serve as a location and storage facility on the last mile with on-site parking for a future business or business. The industrial building will also have raised truck spaces and a vertical parking structure that will provide 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. “Industry has been one of the top performing sectors in real estate due to the sharp rise in e-commerce spending. We believe this sprawling, state-of-the-art facility with on-site parking will be in high demand. “
The company bought the property in January 2019 in partnership with Atalaya Capital Management and the Nan Fung Group for $ 75 million. The FreshDirect building has since been demolished to make way for the new structure.