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Sign in Sign up for a FREE subscriptionInnovo secures $354m financing for new industrial project in Long Island City
Innovo Property Group closed on $354 million of equity and vertical construction financing for a New York City industrial project. The site is prominently located at 28-90 Review Ave., at the intersection of Review and Borden Avenues in Long Island City, Queens. The Urban Investment Group within Goldman Sachs Asset Management and IPG provided the equity in the deal, while Axos Bank and Cerberus Capital Management provided the construction financing.
Upon completion, 28-90 Review Ave. will be a state-of-the-art industrial warehouse facility with significant on-site electric vehicle–ready parking. Featuring approximately 60,000-square-foot floorplates, the building is ideally positioned for traditional industrial users and purposefully designed for functional multitenant use. The building is located within a 12-minute commute to Midtown Manhattan and less than 25 minutes from New York City’s major airports. The project is expected to be completed by the end of 2025.
