24-02 49th Avenue in Long Island City, Queens. Image Credit: Stephen Kim, IPG.
NEW YORK CITY — Innovo Property Group, a New York City-based real estate investment management firm, has completed a $438 million recapitalization of 24-02 49th Ave. in Long Island City, Queens. The firm recapitalized the asset through an equity joint venture with Nan Fung Group and debt from Axonic Capital and Athene Annuity & Life Assurance Company, a retirement services firm under Apollo Global Management.
Before the recapitalization, IPG owned the approximately 830,000-square-foot, seven-story warehouse with Westbrook Partners when they acquired it in July 2016 for $195 million. In December 2017, IPG and Westbrook signed the New York City Housing Authority in a 30-year lease for approximately 600,000 square feet and created a commercial condominium for NYCHA to occupy 100% of its condo unit, which marked the launch of a capital improvement program to upgrade the warehouse into a Class-A office space.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
