Andrew Chung’s Innovo Property Group has acquired a warehouse in Long Island City at 28-90 Review Avenue from JBL Asset Management for $34.1 million, according to the Commercial Observer.
- Deal has been in the works for awhile: Innovo was originally in talks to buy the property in 2018 with plans to build a ground-up warehouse on the site. The lot is zoned for about 400,000 square feet of commercial development.
- Flashback: JBL paid $25 million for the property in 2016. [CO]