Innovo signs contract to buy 160K in air rights at LIC dev site

Andrew Chung’s Innovo Property Group through the entity 25-20 Borden Avenue Owner LLC signed a memorandum of contract with John Pantanelli through the entity Oakland Trading Corp. to transfer air rights 25-20 Borden Avenue to the adjacent building 23-30 Borden Avenue in Long Island City. The memorandum was signed on August 7, 2020 and was recorded on October 5, 2020.
The property contains a total of 71,024 square feet of built space.
This is for the sale of 160,155 square feet of air rights. The price was not disclosed but the buyer has given a down payment of $5.81 million, which often represents 10 percent of the sale price. The contract was signed August 7, 2020.
Pantanelli obtained a $26.5 million loan on the property in March 2018. Chung purchased the adjacent property at 23-30 Borden Avenue on January 24, 2019 for $75 million. This month, Pantanelli bought a property in Maspeth for $7.5 million.

Over the past five years, there have been 3 NYC Department of Buildings permit applications 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 $80,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $201,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Andrew Chung