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New York & Tri-State  + Outer  + Industrial  | 

Innovo Affiliate Snares LIC Development Site 

RIPCO Real Estate’s Stephen R. Preuss, Kevin Schmitz, Andreas Efthymiou and Kevin Louie recently handled the sale of an investment sales property at 21-32 Borden Ave. in Long Island City for $11 million. The buyer was 21-32 Borden Avenue LLC, an affiliate of Innovo Property Group. 

Acquired from M&L Realty Associates LLC, the 25,780-square-foot property is located in Hunters Point, LIC. The purchaser will hold this for redevelopment, with a view toward incorporating it into a larger development project. 

“21-31 Borden Avenue is an asset that meets the ongoing demand for industrial-zoned assets,” said Preuss. “This sale gave the buyer an opportunity to capitalize on an industrial-zoned property that could serve as a larger piece of a development project.”  

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RIPCO's Preuss

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition