Innovo Property Group Underway on 736,000 SF Industrial Project in Queens

NEW YORK CITY — Locally based investment and development firm Innovo Property Group is underway on construction of a 736,000-square-foot industrial project located at 28-90 Review Ave. in the Long Island City area of Queens. The six-story building, which is designed to accommodate two tenants per floor, will feature a clear height of 32 feet and parking for 166 cars and 118 trailers. Last summer, Innovo received $354 million in construction financing from Axos Bank and Cerberus Capital Management and equity from Goldman Sachs Asset Management. JLL arranged the financing, although details about the amount of each component within the capital stack were not disclosed. The topping out of the complex is slated for later this year. Full completion is scheduled for 2025.