Seven Developments to Watch – Crain’s
The fate of these projects could signal where the city’s real estate market is headed.
July 2018 – Competition for warehouse space is heating up as e-commerce snags more of the retail market. With that in mind, Innovo Property Group recently snapped up a large Bronx development site where it plans to construct a 2-story warehouse. Read Article
Urban Logistics Asset Coming to the Bronx – Commercial Property Executive
A joint venture between Innovo Property Group and Square Mile Capital Management will develop the 700,000-square-foot transit-oriented property, slated to open in 2020.
July 2018 – Innvo Property Group and Square Mile Capital Management have partnered to develop 2505 Bruckner, an urban logistics facility in the Bronx, N.Y. Groundbreaking will take place in 2019 and the asset is expected to open in 2020. Read Article
Innovo Planning State-of-the-Art Bronx Warehouse – Crain’s
Developer says demand for last-mile deliveries will create zones to cover the five boroughs.
June 2018 – The buyer of a $75 million, 20-acre development site in the Bronx plans to break ground early next year to raise a sprawling two-level warehouse building that will cost at least an additional $150 million. Read Article
As E-Commerce Grows, New York City’s Industrial Market Booms – Real Estate Weekly
E-commerce demands have New York City’s industrial market on the rise.
June 2018 – With at least seven multilevel distribution centers likely to break ground in Brooklyn, Queens and the Bronx in the coming years, the scramble for last-mile supremacy has developers quite literally taking the warehouse market to new heights. Read Article
How to Invest in Industrial Real Estate – U.S. News and World Report
E-commerce is driving up the demand for industrial properties.
May 2018 – “Generally the industrial market is one of the best sectors to invest in,” says Andrew Chung, CEO of Innovo Property Group, an industrial developer working on a 700,000-square-foot industrial project scheduled to be completed in 2020 in New York. Read Article
The Bronx Industrial Market Has Seen a Big Uptick in Activity – Commercial Observer
Innovo and Square Mile Capital Management acquired the defunct Whitestone Multiplex Cinemas site at 2505 Bruckner Boulevard in September last year
May 2018 – It’s been just three short years since Andrew Chung founded his development company Innovo Property Group, yet he is leading the charge in developing the biggest new industrial property in the Bronx—an 840,000-square-foot mega-distribution center. Read Article
In New York City, Warehouses Have Nowehere to Go But Up – WSJ
Expensive real estate, few parcels and demands of e-commerce have developers looking to build multistory warehouses
January 2018 – In New York, an insatiable demand for warehouse space is colliding with a chronic land shortage. The only place for property developers to go is up. At least two different development teams have unveiled designs for multistory warehouse projects, one in Brooklyn and the other in the Bronx, that would be the first of their kind in New York. Read Article
Whitestone Multiplex Cinemas site sold for $75 million – Crain’s
The location could be developed into a 750,000-square-foot e-commerce delivery campus
September 2017 – A partnership between an up-and-coming real estate investment firm and an established lender and investor is in contract to buy the former site of Whitestone Multiplex Cinemas for around $75 million. Innovo Property Group, a firm founded two years ago by former Carlyle Group executive Andrew Chung, and Square Mile Capital are purchasing the 20-acre site at 2505 Bruckner Blvd. from Extell Development. Read Article
Westbrook, Andrew Chung secure $136M loan to buy Long Island City warehouse – The Real Deal
Investors paid $195M for the building
July 2016 – Westbrook Partners and Andrew Chung’s Innovo Property Group scored a $136 million acquisition loan from ACORE Capital to buy a Long Island City warehouse for $195 million. The new owners purchased 24-02 49th Avenue from investors Rubin Schron’s Cammeby’s International and the Fruchthandler family, the Commercial Observer reported. The deal went into contract in March and closed on July 12. Read Article
New York state of mind – PERE
In setting up his own shop, the former Carlyle veteran is sticking to the market that he knows best…
April 2015 – As one of the top US real estate investment professionals at the Carlyle Group, Andrew Chung was a key dealmaker in New York City for the Washington, DC-based private equity firm. Now, the real estate executive is using that same market expertise to start up his own business. Read Article
Ex-Carlyle partner pays $44M for Chinatown retail condo – The Real Deal
Innovo Property Group chief’s new space sits at base of 202 Canal Street…
August 20, 2015 – Andrew Chung tackled his first major deal since leaving the Carlyle Group as a partner and launching his own firm. Chung’s Innovo Property group, in a partnership with Artemis Real Estate Partners, bought the 15,500-square-foot retail condo… Read Article