July 29, 2019
Innovo Property Group (IPG) is preparing to break ground on 2505 Bruckner, a one-million-square-foot logistics center on the site of a former multiplex movie theater in the Bronx. It’s slated for completion in 2020.
With a focus on New York City industrial, “Our team believes that the product needs to be closer to the consumer in order to meet demand as the growth of e-commerce continues to rise and delivery timeframes keep compressing,” IPG CEO Andrew Chung told New York Business Journal.
“We had a gut feeling that this was a trend that we needed to get in front of,” he continued. “The site at 2505 Bruckner was ideal, checking all the boxes in terms of our investing criteria.”
Another investor seeking to get in front of the last-mile trend locally is Goldman Sachs, which recently announced plans for a large-scale delivery center in Brooklyn’s Red Hook section.
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