Less than three months after construction officially wrapped at a vertical industrial building in Queens, more than half the property’s space is now accounted for, Bisnow can first report.
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Innovo Property Group has signed four tenants to a total of 350K SF at 28-90 Review Ave., a 652K SF Class-A building in Long Island City known as the Review Avenue Complex.
The developer finished construction and began leasing during the summer, according to a July blog post from the property’s brokerage, Pinnacle Realty of New York.
Car rental firm Edge Auto Rental was the first to sign a deal in the property, taking 78K SF on the ground floor roughly four months ago. Same-day junk removal service 1-800-GOT-JUNK? signed a 41K SF lease in June on the ground and third floors.
Those deals were followed by two bumper leases in late August.
Spanish multinational company Contenur, which specializes in designing and manufacturing urban waste containerization systems, took 114K SF on the second floor. Moving and storage company Roadway Moving signed for 117K SF on the first floor.
The building features clear heights of up to 32 feet, direct drive-up access and loading on every floor, truck courts and flexible industrial space.
Pinnacle’s David Junik, George Margaronis, Paul Bralower and Brandon Burke represented Innovo in all four deals. Pinnacle’s Ariel Castellanos and Danny Tack represented Roadway Moving, and the brokerage also represented Edge Auto Rental.
Colliers’ Jared Rutledge and Aidan Campbell represented 1-800-GOT-JUNK?, while New York Commercial Realty Group’s Frank Rao and Michael Rao represented Contenur.
The property is close to Innovo’s Borden Complex, a 1M SF vertical industrial building at 23-30 Borden Ave. that is home to industrial space and film studios that began leasing last spring.
The two developments are the brainchild of Andrew Chung, who was Innovo's CEO before being hired by Gary Barnett's Extell Development this spring.
They were developed on the thesis that there would be demand for vertical industrial properties in space-constrained New York City. Most started construction during the pandemic-era industrial binge but experienced sluggish leasing in the years since.
“Andrew Chung had the vision to see where the market was going,” Junik said in a statement. “Review Avenue Complex is proving that vision.”
TOP LEASES
Patreon leased 45K SF at 75 Varick St., according to a monthly Manhattan office market report from CBRE. The content monetization company renewed its sublease at Hudson Square Properties’ 18-story building known as One Hudson Square, although it is unclear when Patreon moved in or who the sublandlord is, Commercial Observer reported. Other tenants in the building include software developer Notion and production firm RadicalMedia.
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Gusto doubled its footprint inside Vornado Realty Trust’s Penn 1, with its space now totaling 76K SF inside the 2.5M SF skyscraper, The Real Deal reported. The human resources tech firm renewed its 38K SF lease on the 52nd floor and tacked on a 13-year, 38K SF lease for the 47th floor. CBRE’s Jeff Fisher, Sacha Zarba and Connor Krup represented Gusto, while Josh Glick, Jared Silverman and Anthony Cugini represented the landlord in-house.
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The NYC Human Resources Administration renewed its lease at Vornado’s 260 11th Ave. for 18 months, according to CBRE’s monthly report and reporting by Commercial Observer. The agency took 174K SF after its initial 154K SF lease was set to expire next month, according to previous reporting from The Real Deal. The Chelsea office is just one of HRA’s offices around the city, alongside 350K SF at Clipper Equity’s 250 Livingston St. and 9K SF at 25 Chapel St. in Brooklyn.
TOP SALES
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Investor and developer the Mann Group bought a luxury rental building in Williamsburg from Clipper Equity for $122.5M, Commercial Observer reported. The 150-unit building at 130 Hope St., known as Casa Hope, was completed in 2023. Rosewood Realty Group's Alex Fuchs represented the seller and located the buyer with the brokerage’s Aaron Jungreis and Ben Khakshoor.
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Investment firm Sagehall purchased the six-story office at 428 Broadway in SoHo from the Chetrit Organization for $47M, CO reported. The Chetrits acquired the building in 2005 for $22.5M, and it later became part of the Chetrit Organization’s portfolio following the split of the family’s real estate empire into separate companies. The property wound up in distress after then-anchor tenant WeWork filed for bankruptcy in 2023, departing from the four floors it occupied and leaving the property 96% vacant. Its current occupancy levels are unclear.
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Joel Teitelbaum and Shimon Brach acquired the office and retail condos at 209 Havermeyer St. from Mitsubishi Corp.’s Diamond Realty Investments for $28.5M, PincusCo reported. The pair paid $20.5M for the office portion and $8M for the retail portion of the property, also known as 277 S. Fifth St., taking out a $20M loan from Levon Capital to finance the purchase. The condos are part of the redeveloped landmark Dime Savings Bank in Williamsburg, which also has a 177-unit residential portion known as the Dime Residences.
TOP FINANCING DEALS
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Loeb Partners Realty and George Comfort & Sons refinanced 200 Madison Ave., a 26-story, 750K SF office building in Midtown South, with a $150M loan from New York Life Insurance Co., PincusCo reported. The financing retired a 2016 loan for the same amount from the same lender.
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Eyal Ofer's Global Holdings Management Group refinanced its 620K SF trophy office tower at 120 Park Ave. with a $382.4M loan co-originated by Wells Fargo and German bank LBBW. The loan includes $360.5M in initial proceeds and replaces a $335M loan, according to a release. The property is around 80% occupied by Bloomberg, which took 500K SF across 20 floors at the end of last year in a lease that runs through February 2040.
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RXR Realty borrowed $110.1M from Macquarie Group to refinance the 387K SF office condo at 530 Fifth Ave., PincusCo reported. The financing replaces a $152.2M loan from ING Capital. ING provided the debt last year as part of a recapitalization of the property, which included bringing in Sush Torgalkar's Sagehall as an equity partner.
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McCourt Partners borrowed $120M from Bain Capital for the development lot at 358 10th Ave. in Hudson Yards, PincusCo reported. McCourt acquired the corner lot on the edge of West 31st Street in 2013 for $167.3M, but this is the first loan it has taken out on the property. The site is still empty but could yield up to a 258K SF project.
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