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.
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.