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Innovo acquires 23-02 49th Avenue

23-02 49th Avenue (Credit: TRD)

Andrew Chung’s Innovo Property Group + Hong Kong’s Nan Fung Group have agreed to acquire Westbrook Partners’ roughly 90 percent stake in 23-02 49th Avenue. The deal values the seven-story, 800,000 SF warehouse in Hunters Point at $430 million, according to TRD.

  • Tenancy: The city’s public housing authority (NYCHA) occupies 600,000 SF, and negotiated a 30-year lease extension with Chung. Innovo and Nan Fung also plan to convert the building’s top two floors to space for life-science tenants.  
  • Acquisition financing: The buyers are currently looking for a loan with an LTV north of 60 percent.
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