Innovo pays $18M for air rights in Long Island City

John Pantanelli through the entity Oakland Trading Corp. as seller sold to Innovo Property Group through the entity 23-30 Borden Owner LLC air rights valued at $18.6 million for 3 parcels, related to the tax parcels at 21-32 Borden Avenue, 23-30 Borden Avenue, and 25-20 Borden Avenue in Long Island City. The deal closed on March 1, 2021 and was recorded on March 12, 2021. Innovo is developing a large warehouse.

This is the purchase of 160,510 square feet of development rights for $18.6 million, or $116 per square foot.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $10,000.0.

Direct link to Acris document. link
The signatory for the buyer or lender was Ryan Bathie