Innovo borrows $24M from Granite Point for property acquisition in Long Island City

Andrew Chung’s Innovo Property Group through the entity 28-90 Review Avenue Owner, LLC as borrower signed an acquisition loan agreement with lender Granite Point Mortgage Trust through the entity GP Commercial MS LLC valued at $24 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 28-90 Review Avenue in Long Island City. The deal closed on June 23, 2020 and was recorded on June 26, 2020.
The property contains a total of 10,470 square feet of built space. The property has 386,414 square feet of available development rights.

Innovo assumed the $24 million in debt which had been borrowed by the seller, JBL Asset Management. Two Harbors provided the original $24 million loan in 2016, then Two Harbors spun off Granite Point Mortgage Trust in 2017. Andrew Chung was the signatory for the borrower. John Taylor was the signatory for the lender.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There have been 9 demolition projects filed over the past five years. The demolition included 5 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. John A. Taylor