Innovo Property Group forms equity JV with Nan Fung Group
Innovo Property Group (IPG), a New York City–based real estate investment and operating company founded by Andrew Chung and backed by Nan Fung Group, has announced the closing of a $438 million recapitalization of 24-02 49th Ave. in Long Island City, N.Y.
IPG previously owned the property with Westbrook Partners and recapitalized the asset through an equity joint venture with Nan Fung Group as well as debt from Axonic Capital and affiliates of Athene Annuity & Life Assurance Co. Athene is a retirement services company affiliated with Apollo Global Management.
IPG acquired the approximately 830,000-square-foot, seven-story building with Westbrook in July 2016 for $195 million. The property is ideally located in the high-growth Long Island City submarket next to several public transportation options. The building, which was a former Bloomingdale’s warehouse, features up to 24-foot ceilings, more than 100,000-square-foot floor plates, an approximately 20,000-squa