Innovo Property Group Completes $438M Recapitalization for LIC Warehouse

24-02 49th Avenue in Long Island City, Queens. Image Credit: Stephen Kim, IPG.

NEW YORK CITY — Innovo Property Group, a New York City-based real estate investment management firm, has completed a $438 million recapitalization of 24-02 49th Ave. in Long Island City, Queens. The firm recapitalized the asset through an equity joint venture with Nan Fung Group and debt from Axonic Capital and Athene Annuity & Life Assurance Company, a retirement services firm under Apollo Global Management.

Before the recapitalization, IPG owned the approximately 830,000-square-foot, seven-story warehouse with Westbrook Partners when they acquired it in July 2016 for $195 million. In December 2017, IPG and Westbrook signed the New York City Housing Authority in a 30-year lease for approximately 600,000 square feet and created a commercial condominium for NYCHA to occupy 100% of its condo unit, which marked the launch of a capital improvement program to upgrade the warehouse into a Class-A office space.