Innovo Property Group borrows $20M from Valley National Bank for leasehold on warehouse in Hunts Point

Andrew Chung’s Innovo Property Group through the entity Oak Point Avenue GL LLC as borrower signed a loan agreement with lender Valley National Bank valued at $20.0 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 1132 Oak Point Avenue in Hunts Point. The deal closed on February 21, 2020 and was recorded on March 5, 2020.
The property contains a total of 150,848 square feet of built space. The property has 1,110,021 square feet of available development rights, according to a PincusCo analysis of city records.
The average loan per buildable square foot is $18.
Innovo acquired the 99-year ground lease valued at $64 million in August 2018.

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