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New York & Tri-State  + Outer  + Industrial  |  June 12, 2023
Emily Fu
By: Emily Fu

Innovo Property Group Lands $354M Recapitalization for LIC Industrial Project 

Innovo Property Group (IPG), a real estate investment and operating company based in New York City, has secured $354 million in equity and vertical construction financing for an industrial project in Long Island City, Queens.  

Located at 28-90 Review Avenue, the project will be a warehouse facility with electric vehicle parking and flexible multi-tenant use. The equity was provided by the Urban Investment Group within Goldman Sachs Asset Management and IPG, while Axos Bank and Cerberus Capital Management provided the construction financing.  

“We believe that this new facility has the potential to address the growing demand for warehouse space in the New York City industrial market through its strategic location and convenient access to Manhattan and the Outer Boroughs,” said Michael Lohr, managing director in the Urban Investment Group. 

IPG has recently finished the recapitalization of 2505 Bruckner Boulevard and is currently developing The Borden Complex in Long Island City.  

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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