The Real Deal New York

Innovo in contract to buy Maspeth warehouse for $40M

Andrew Chung’s company is making another bet on industrial in Queens
By Rich Bockmann | August 01, 2018 05:00PM

Andrew Chung and 58-30 Grand Avenue in Queens (Credit: AREAA Manhattan and LoopNet)

Andrew Chung’s Innovo Property Group is making another bet on Queens.

The Midtown-based investment firm, which Chung launched in 2015, has a contract to buy a warehouse in Maspeth for around $40 million, sources told The Real Deal.

The roughly 150,000-square-foot warehouse sits a few blocks from the Long Island Expressway at 58-30 Grand Avenue in Maspeth’s Industrial Business Zone, and marketing materials pitch the area’s draw to tenants providing last-mile logistics for deliveries.

Owner Nathan Indig put the property up for sale earlier this year after he relocated his cabinetry business to Brooklyn, with a reported asking price of $45 million.

Representatives for Innovo and Indig could not be immediately reached for comment. Meridian Capital Group’s David Schechtman and Chris Kim, who are marketing the property, also could not be reached.

According to marketing materials, there are four tenants at the three-story building, which can be vacated by 2022.

Innovo, meanwhile, is reportedly working on making an investment of an unspecified amount in a development site at 28-90 Review Avenue in Long Island City. The property can be developed into a 400,000-square-foot commercial building.

Chung launched Innovo three years ago after leaving the Carlyle Group, where he had spent 15 years and worked on $8 billion worth of real estate deals. He teamed up with Westbrook Partners in 2016 to buy a Long Island City warehouse at 24-02 49th Avenue for $195 million.

And last year Chung partnered with Square Mile Capital to by the site of the Whitestone Multiplex Cinemas in the Bronx for $75 million, where they plan to build a 700,000-square-foot warehouse.