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New York

Innovo continues expansion with sublease of massive industrial site in the Bronx

Company is taking over a 270K-sf property at 1132 Oak Point Avenue from Harlem Commonwealth Council

1132 Oak Point Avenue in the Bronx and Innovo Property Group CEO Andrew Chung (Credit: Google Maps)
1132 Oak Point Avenue in the Bronx and Innovo Property Group CEO Andrew Chung (Credit: Google Maps)

Innovo Property Group is taking over a huge industrial property in Hunts Point.

The company has signed a sublease at 1132 Oak Point Avenue, which consists of three buildings spanning 270,000 square feet, according to city records. Innovo is taking over the property from Commonwealth Industrial Parks, which is linked to the landowner and economic development corporation Harlem Commonwealth Council.

The city valued the transaction at $64.2 million for tax purposes.

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Harlem Commonwealth Council and Innovo did not immediately respond to requests for comment.

Innovo went into contract earlier in August to buy a warehouse at 58-30 Grand Avenue in Maspeth for roughly $40 million.

The company is also working on an investment at 28-90 Review Avenue in Long Island City  and partnered with Square Mile Capital last year to buy the Whitestone Multiplex Cinemas site in the Bronx for $75 million, where they are planning a 700,000-square-foot warehouse.

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Commercial Real EstateHunts Point