Innovo Property Group Tops Out 900,000 SF Industrial Project in Queens

NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has topped out The Borden Complex, a 900,000-square-foot industrial project in the Long Island City area of Queens. The development will feature elevated truck courts and a vertical parking structure, as well as purpose-built film studio space. IPG acquired the site, which previously housed the warehouse of online grocer FreshDirect, in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Construction began in July 2022, and the development team is targeting a spring 2024 completion. Eastdil Secured arranged construction financing for the project through Starwood Property Trust and J.P. Morgan. Starwood also originally provided $155 million in project financing in early 2021.