Andrew Chung’s Innovo Property Group and Hong Kong’s Nan Fung Group pay $413.8M to Westbrook Partners for office property in Long Island City

UPDATED Nov. 18, 2:31 p.m.: Andrew Chung’s Innovo Property Group and Hong Kong’s Nan Fung Group paid Westbrook Partners $413.8 million for the seven-story office building 24-02 49th Avenue in Long Island City in three transactions composed of five condominium lots and an individual parcel.

Innovo bought the lower four condominium units for $337.5 million, the upper floor condo unit for $74.8 million and the individual parcel for $1.5 million. The Real Deal reported that Innovo and Nan Fung had signed a contract to buy Westbrook’s 90 percent stake that valued the entire building at $430 million. The acquisition was funded by a reported $438 million loan and recapitalization that had not been recorded as of Friday. Westbrook and Innovo bought the building in July 2016 for $195 million.

The sale was arranged by a Cushman & Wakefield team including Adam Spies, Doug Harmon, Josh King and Adam Doneger.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

UPDATED: With sale brokerage.