Innovo Property Group has obtained a $354 million financing package for a six-story industrial project located at 28-90 Review Ave. in Long Island City, N.Y. Goldman Sachs and IPG supplied the equity while Axos Bank and Cerberus Capital Management provided construction financing. The facility has a completion date set for the end of 2025.
IPG acquired the property in 2020 for $34.1 million from JBL Asset Management. Last year, the company filed a permit application for the construction of a multi-level facility set to encompass 350,222 square feet. Upon completion, the property will feature 60,000-square-foot floorplates and on-site electric vehicle-ready parking. KSS Architects provided architecture services.
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The project is taking shape on 4.3 acres in Queens, 3.5 miles from Midtown Manhattan and has access to Interstate 495. John F. Kennedy International Airport is some 15 miles away. Corporate neighbors in the surrounding area include FedEx and UPS.
A strong NYC industrial footprint
IPG focuses on acquiring and managing assets in Greater New York City. Since 2015, the firm has actively invested in value-add developments and redevelopments; its portfolio totals more than 6 million square feet of real estate projects in various stages of development.
In the past year, IPG has received $435 million in financing for another Long Island City property, currently known as The Borden Complex. Just as with the current development, the company demolished the existing building on the lot and started construction on the 900,000-square-foot facility that topped out in February.
Last month, IPG and Affinius Capital completed the $334 million recapitalization of a 1 million-square-foot industrial asset in the Bronx. Anchored by Amazon, the facility came online in 2022.
