November 8, 2019 Comments (0) Views: 392 New York News, Top New York

Innovo Closes on $438M Recap in Long Island City

Innovo Property Group (IPG) closed on a $438-million recapitalization of 24-02 49th Ave. in Long Island City. IPG previously owned the property with Westbrook Partners, and recapitalized the asset through an equity joint venture with Nan Fung Group as well as debt from Axonic Capital and affiliates of Athene Annuity & Life Assurance Company.

IPG acquired the approximately 830,000-square-foot, seven-story building with Westbrook in July 2016 for $195 million. A former Bloomingdale’s warehouse that has undergone substantial improvements, 24-02 49th Ave. is anchored by the New York City Housing Authority with a 600,000-square-foot space.

CBRE’s Paul Amrich has been hired to market the property’s remaining space. “This is a unique opportunity for tenants seeking a headquarters and/or campus feel right outside of Manhattan,” said Amrich. “It is extremely rare to find floor plates this large and so well located to transportation.”

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