Innovo Property Group borrows $46M from Granite Point for warehouse property in Hunts Point

Andrew Chung’s Innovo Property Group through the entity 511 Barry Owner LLC as borrower signed a loan agreement with lender Granite Point Mortgage Trust through the entity Gp Commercial Mortgage LLC valued at $46.3 million for 1 parcel, including the tax class fireproof warehouse (E1) at 511 Barry Street in Hunts Point. The deal closed on December 16, 2019 and was recorded on January 2, 2020.
The property contains a total of 153,965 square feet of built space. The property has 400,703 square feet of available development rights.

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