58-30 Grand Ave., Queens, New York
NEW YORK CITY—A joint venture of Innovo Property Group and Square Mile Capital Management acquired a three-story, 151,500 square-foot warehouse, located at 58-30 Grand Ave. in Queens. The buyers purchased the property originally constructed in 1953 for $39 million from seller Nathan Indig, receiving a $36.8 million loan from Pine River Capital Management, according to Real Capital Analytics.
The JV plans to modernize the property to use as part of the supply and distribution chain serving the e-commerce industry.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
