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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.

Mariah Brown

Mariah Brown is a reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

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