36 MARCH 11, 2021 RIDGEWOOD TIMES WWW.QNS.COM
Real estate group secures funding for new industrial complex in LIC
Ridgewood Times Sales Guide
2108 Butler Ave.
2 bedrooms, 1 full and 1 half
Redfin Real Estate
69-33 64th Place
3 bedrooms, 1 bathroom
Christopher Espinal, Douglas Elliman
60-23 68th Ave.
5 bedrooms, 3 full and 1 half
Sylwia Anna Juras, Sold By Bart R
E Partners Inc
80-13 59th St.
7 bedrooms, 3 bathrooms
Sandra Awad, Prime Realty
78-34 64th St.
3 bedrooms, 2 full and 1 half
Fabiana Reyes, EXP Realty
70-21 66th Place
5 bedrooms, 3 bathrooms
David Kueber, Coldwell Banker
64-42 58th Road
2 bedrooms, 1 bathroom
Patricia America, Coldwell Banker
54-31 44th St.
4 bedrooms, 2 bathrooms
Joy Martinez, Charles Rutenberg
64-51 Borden Ave.
5 bedrooms, 4 full and 1 half
Joyce Kim, Cana Realty
61-88 Dry Harbor Road, Unit 6D
1 bedroom, 1 bathroom
Barbara Ventura, Keller Williams
61-24 62nd St.
3 bedrooms, 2 bathrooms
John Amore, Prime Realty
8519 60th Ave.
4 bedrooms, 3 bathrooms
Matthew A. Spezzano, Selective
Properties Rl Est
BY JACOB KAYE
A new fi ve-story industrial building
is coming to Long Island
Innovo Property Group, a real
estate investment and operating
company, announced last week the
closure of a $155 million construction
loan for a new industrial building
located at 23-30 Borden Avenue.
The loan is to fund construction
costs for an approximately 900,000-
The site was formerly a warehouse
for FreshDirect but in it’s new capacity,
will serve as a last-mile site and
warehouse facility with on-site parking
for a future company or companies.
The industrial building will
also feature elevated truck courts
and a vertical parking structure
providing direct access to all five
levels of the building.
“This transaction supports our
philosophy that there is significant
value in Long Island City developments,”
said Andrew Chung, the
founder of Innovo Property Group.
“Industrial has been one of the bestperforming
sectors in real estate,
driven by the significant increase
in e-commerce spending. We believe
that this expansive, state-of-the-art
facility with on-site parking will be
in high demand.”
The company bought the property
in January 2019, partnering with
Atalaya Capital Management and
Nan Fung Group for $75 million. The
FreshDirect building has since been
demolished to make way for the new
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