Innovo Lands $354M for Long Island City Industrial Highrise

Andrew Chung is ramping up to build another multi-level warehouse in the outer boroughs after securing construction financing for a six-story development in Long Island City.

Chung’s Innovo Property Group scored the loan as part of a $354 million recapitalization deal for the project at 28-90 Review Avenue, the company said Monday. Axos Bank and Cerberus Capital Management provided the construction financing, while Goldman Sachs Asset Management’s Urban Investment Group and Innovo provided equity in the deal.

A JLL team of Christopher Peck and Peter Rotchford arranged the debt and equity.

Last year, Innovo filed plans for a 682,000-square-foot industrial building at the site. The filing also mentioned a parking garage with space for 174 cars. The property, which will include onsite parking designated for electric vehicles and 60,000-square-foot floor plates for tenants, is expected to be completed by the end of 2025.

Innovo bought the site from JBL Asset Management in 2020 for $34 million. It’s one of several recent projects for Chung’s firm, which has emerged as one of the city’s most prolific industrial developers and played a key role in the proliferation of multi-level warehouses across the five boroughs in recent years.

A month ago, Innovo and Affinius Capital scored a $334 million debt package from Bank OZK and PIMCO at 2505 Bruckner Boulevard, a 1.1 million-square-foot, two-story industrial complex in the Bronx. Amazon signed on for 569,000 square feet at the property in October in one of the city’s largest industrial leases of last year.

A year ago, Innovo received a $435 million refinancing for another Long Island City industrial development at 23-30 Borden Avenue. Construction on the five-story, 842,000-square-foot project is expected to be finished next spring.