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Innovo recapitalizes 24-02 49th Avenue

24-02 49th Avenue (Credit: Crain’s New York)

Andrew Chung’s Innovo Property Group has secured $438 million from Axonic Capital + Apollo Global Management to recapitalize 24-02 49th Avenue in LIC. The seven-story office and industrial property spans 830,000 SF.

  • Worth Noting; Westbrook Partners is no longer an equity partner with Innovo, and was replaced by Nan Fung Group, according to a press release.
  • What comes next: In 2017, the New York City Housing Authority signed a 30-year lease renewal for its 600,000 SF office space. The remaining 230,000 SF is being developed as a separate commercial condo unit with creative office space, dedicated loading docks, and a retail component.
  • Flashback: Innovo + Westbrook paid $195 million for the former Bloomingdales’ warehouse in 2016.

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