Innovo pays $34.1M to JBL Asset Management for LIC development site

Andrew Chung’s Innovo Property Group through the entity 28-90 Review Owner Avenue, LLC paid JBL Asset Management’s 2890 Review Equity LLC $34.1 million for 28-90 Review Avenue in Long Island City. The deal closed on June 23, 2020, and was recorded on June 26, 2020. The transaction consists of 1 parcel, including the tax class miscellaneous warehouse (E9). The parcel(s) have total development potential of 386,414 square feet.
The average sale price per square foot is $88. The acquisition included the assumption of $24 million in debt.

Jacob Khotoveli, managing partner of JBL, was the signatory for the seller.  Andrew Chung, CEO of Innovo, was the signatory for the buyer.  In 2018, Crain’s reported a potential sale to Innovo. The sale contract date in the transfer was June 23, 2020, the same date as the closing. The last time the property sold was August 23, 2016, when JBL bought it for $24.91 million.

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

Correction: The square feet of existing buildings as reported by the Department of City Planning was removed.