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 construction loan for a new industrial building located at 23-30 Borden Avenue. The loan is to fund construction costs for an approximately 900,000-square-foot development.
The site was formerly a warehouse for FreshDirect but in it’s new capacity, will serve as a last-mile site and warehouse facility with on-site parking for a future company or companies. The industrial building will also feature elevated truck courts and a vertical parking structure providing direct access to all five levels of the building.
“This transaction supports our philosophy that there is significant value in Long Island City developments,” said Andrew Chung, the founder of Innovo Property Group. “Industrial has been one of the best-performing sectors in real estate, driven by the significant increase in e-commerce spending. We believe that this expansive, state-of-the-art facility with on-site parking will be in high demand.”
The company bought the property in January 2019, partnering 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.
