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