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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.”
- ◦Sale/Acquisition