Innovo planning investment in LIC industrial building
Company is negotiating to invest in 28-90 Review Avenue
Andrew Chung and 28-90 Review Avenue (Credit: AREAA Manhattan and Google Maps)
Andrew Chung’s Innovo Property Group is negotiating a new deal in Long Island City.
The company is working towards an investment at 28-90 Review Avenue in the Queens neighborhood, according to Crain’s. It was unclear how much the company would pay for the site and whether it would be buying it outright or entering into a joint venture with the current owner, JBL Asset Management.
The property can accommodate about 400,000 square feet of commercial development. CBRE broker Brad Cohen had been leading a team that was marketing the site.
JBL bought 28-90 Review Avenue two years ago for about $25 million. [Crain’s] – Eddie Small