Innovo in contract to buy LIC industrial site for $75M

Company is purchasing 23-30 Borden Avenue from Atlas Capital Group

TRD New York /
Dec.December 05, 2018 12:00 PM

Andrew Chung and 23-30 Borden Avenue in Long Island City

Andrew Chung’s Innovo Property Group is in contract to buy the old warehouse of online grocer FreshDirect in Long Island City for about $75 million, according to sources familiar with the deal.

The company is purchasing 23-30 Borden Avenue from Atlas Capital Group. The site has about 200,000 square feet of ground floor space and 175,000 square feet of air rights, and it includes a 6,000-foot LED sign as well.

A Cushman & Wakefield team of Adam Spies, Doug Harmon, Adam Doneger and Josh King brokered the transaction.

The brokers and Chung declined to comment on the deal, and representatives for Atlas also did not comment.

Innovo’s specific plans for the site were unclear, but they are likely to undertake a major rehabilitation or redevelopment of the facility, which could be a good fit for last-mile distribution services, sources said.

Atlas had purchased the facility from FreshDirect in 2016 for $48 million. The online grocer recently completed a lengthy and controversial move of its headquarters from Long Island City to the South Bronx.

Innovo has made multiple investments in Queens in recent months. The firm went under contract earlier this year to buy 58-30 Grand Avenue in Maspeth for about $40 million, and it is planning an unspecified investment in Long Island City’s 28-90 Review Avenue as well. It also recently signed a sublease at 1132 Oak Point Avenue in the Bronx that was valued at $64.2 million.


Related Articles

arrow_forward_ios
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...