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

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

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
U.S. Treasury Secretary Janet Yellen
NY gets more federal rent aid — but only 6% of need
NY gets more federal rent aid — but only 6% of need
Commissioner of the Division of Housing and Community Renewal's RuthAnne Visnauskas (Getty, NY Gov)
Rent stabilization complaints piling up at agency
Rent stabilization complaints piling up at agency
Beanie Babies founder Ty Warner and 57 East 57th Street (Getty Images, MBandman, CC BY 2.0 - via Wikimedia Commons)
Owner’s feud with Four Seasons leaves Midtown hotel in limbo
Owner’s feud with Four Seasons leaves Midtown hotel in limbo
WeWork CEO Sandeep Mathrani (Getty Images, WeWork)
WeWork stock has taken a WeDive. Will it resurface?
WeWork stock has taken a WeDive. Will it resurface?
Cartier's Cyrille Vigneron and 653 Fifth Avenue (Cartier, Linkedin, Getty)
Cartier betting on appetite for luxury with US retail expansion
Cartier betting on appetite for luxury with US retail expansion
Gale Brewer (Getty, Gale Brewer)
City takes aim at landlords’ empty retail space
City takes aim at landlords’ empty retail space
SL Green chairman Marc Holliday and One Madison Avenue (Getty Images, SL Green Realty Corp)
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
Leslie Alexander with 1117 Main Road in Riverhead (top) and 2045 Sound Avenue in Mattituck (Getty, Compass)
Leslie Alexander lists pair of North Fork properties with development rights
Leslie Alexander lists pair of North Fork properties with development rights
arrow_forward_ios

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

Loading...