Innovo Property Group (IPG), a real estate investment and operating company based in New York City, has secured $354 million in equity and vertical construction financing for an industrial project located at 28-90 Review Avenue in Long Island City, Queens. The warehouse facility will feature electric vehicle parking and flexible multi-tenant use. Equity was provided by the Urban Investment Group within Goldman Sachs Asset Management as well as IPG, while Axos Bank and Cerberus Capital Management supplied the construction financing.
“We believe that this new facility has the potential to address increasing demand for warehouse space throughout New York City due to its strategic location with convenient access to Manhattan and Outer Boroughs,” said Michael Lohr, managing director of the Urban Investment Group. IPG recently completed recapitalization of 2505 Bruckner Boulevard along with development of The Borden Complex also located in Long Island City.
