Picture by Artem Labunsky by way of Unsplash.com
Innovo Property Group has obtained a $354 million financing package deal for a six-story industrial undertaking situated at 28-90 Overview Ave. in Lengthy Island Metropolis, N.Y. Goldman Sachs and IPG equipped the fairness whereas Axos Financial institution and Cerberus Capital Administration offered development financing. The ability has a completion date set for the tip of 2025.
IPG acquired the property in 2020 for $34.1 million from JBL Asset Administration. Final yr, the corporate filed a allow utility for the development of a multi-level facility set to embody 350,222 sq. toes. Upon completion, the property will function 60,000-square-foot floorplates and on-site electrical vehicle-ready parking. KSS Architects offered structure companies.
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The undertaking is taking form on 4.3 acres in Queens, 3.5 miles from Midtown Manhattan and has entry to Interstate 495. John F. Kennedy Worldwide Airport is a few 15 miles away. Company neighbors within the surrounding space embody FedEx and UPS.
A powerful NYC industrial footprint
IPG focuses on buying and managing property in Better New York Metropolis. Since 2015, the agency has actively invested in value-add developments and redevelopments; its portfolio totals greater than 6 million sq. toes of actual property initiatives in varied levels of growth.
Up to now yr, IPG has acquired $435 million in financing for one more Lengthy Island Metropolis property, at present often known as The Borden Advanced. Simply as with the present growth, the corporate demolished the present constructing on the lot and began development on the 900,000-square-foot facility that topped out in February.
Final month, IPG and Affinius Capital accomplished the $334 million recapitalization of a 1 million-square-foot industrial asset within the Bronx. Anchored by Amazon, the ability got here on-line in 2022.
