WWW.QNS.COM RIDGEWOOD TIMES NOVEMBER 14, 2019 35
REAL ESTATE
Investor recapitalizes LIC offi ce building for $438M
BY SAMANTHA WANDERER
EDITORIAL@QNS.COM
@QNS
Innovo Property Group (IPG), a New
York City-based real estate investment
and operating company, closed a $438
million recapitalization of 24-02 49th
Ave. in Long Island City.
This was done through an equity
joint venture with Nan Fung Group and
debt from Axonic Capital and affi liates
of Athene Annuity and Life Insurance
Company.
In 2016, IPG bought the approximately
830,000-square-foot, seven-story property
with Westbrook for $195 million.
The next year, Westbrook and IPG
signed an over 30-year lease with The
New York City Housing Authority. IPG
and Westbrook constructed a commercial
condominium for the 600,000-
square-foot space.
The building also began reconstruction
as a part of a capital improvement
program, transforming it from a
warehouse to offi ce space. The new
infrastructure will now support medical
research, biotech, education and
traditional offi ce space.
With renovation nearing completion,
IPG will soon be looking to lease the
remaining 230,000 square feet, which
includes the top two fl oors and ground
fl oor retail.
The available space is a condominium
unit in itself, and is meant to act as a
“building in a building,” featuring its
own ground fl oor lobby and freight and
passenger elevators. This space has the
potential to be used as an educational or
medical facility.
“This is a unique opportunity for
tenants seeking a headquarters and/or
campus feel right outside of Manhattan,”
said Paul Amrich of CBRE, which is marketing
the space for lease under IPG.
This is IPG’s and Nan Fung’s second
investment in Long Island City this year.
In January, they closed the acquisition
of 23-30 Borden Ave., the former Fresh
Direct warehouse, for $75 million.
“We are proud of the value we were
able to create with Westbrook, who has
Photo: Stephen Kim/IPG
Ridgewood Times Sales Guide
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Willoughby Avenue
Listings selected at random. Courtesy MLS
Under $600,000
21-08 Butler Ave., UNIT J2
$499,000
Condo
2 bedrooms, 1 bathroom
Anna Forte
Douglas Elliman Real Estate
$600,000-$1,000,000
53-02 Metropolitan Ave.
$899,000
Two-story
3 bedrooms, 2 bathrooms
Joseph Crifasi
Crifasi Real Estate Inc.
Over $1,000,000
18-56 Willoughby Ave.
$1,149,000
Two-family two-story
4 bedrooms, 3 bathrooms
Marek Sobolewski
Trademarko Realty Inc.
57th Street 56th Avenue 66th Drive
Under $600,000
80-17 57th St.
$549,999
Colonial
2 bedrooms, 1 bathroom
Donna Paul
Keller Williams Rty Gold Coast
$600,000-$1,000,000
77-05 62nd St.
$689,855
Two-story
3 bedrooms, 2 bathrooms
Anthony Johnson Freeman, Steven Pratt
Keller Williams Realty Liberty
Over $1,000,000
83-20 77th Ave.
$1,049,000
Two-family tudor
4 bedrooms, 3 bathrooms
Cody Macaluso, Gaetano Sieligowski
Macaluso Realty
Under $600,000
52-24 65th Place, UNIT 4L
$340,000
Co-op
2 bedrooms, 1 bathroom
Jordan Donner
Landmark International R E LLC
$600,000-$1,000,000
59-62 69th Place
$695,000
Ranch
2 bedrooms, 1 bathroom
Donna Rivello
O Kane Realty
Over $1,000,000
61-49 56th Ave.
$1,745,000
Two-family duplex
8 bedrooms, 6 bathrooms
Beata Fil
Exit All Seasons Realty
Under $600,000
83-33 60th Drive
$599,000
Colonial
2 bedrooms, 2 bathrooms
Kammy Xiao Nguyen
Keller Williams Landmark II
$600,000-$1,000,000
6-17 79th St.
$899,000
Townhouse
3 bedrooms, 2 bathrooms
Celia Arciuolo
Coach REALTORS of Willistons
Over $1,000,000
71-20 66th Drive
$1,250,000
Traditional
3 bedrooms, 3 bathrooms
Donna Russo DiCesare
Russo Realty Properties
been a great partner. We are excited to
recommit to the asset for its next phase
of growth,” stated Andrew Chung,
founder and CEO of IPG.
For more information, visit www.
innovopg.com.
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