Pimco acquires interest from Innovo Property Group valued at $13.2M for LIC development

Pimco through the entity Tobi IV Spe I LLC acquired an interest from Innovo Property Group through the entity 23-30 Borden Lower Tier Member LLC valued at $13.2M for development site (V1) at 23-30 Borden Avenue in Long Island City, Queens.
The deal closed on July 8, 2021 and was recorded on August 13, 2021.
The property has 0 square feet of built space and 406,472 square feet of additional air rights for a total buildable of 406,472 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $32 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on 24-Jan-19, for $75 million.
(421133696) Plans for a 679,638 square-foot storage building S-1 were filed on December 24, 2020.
This filing is Pimco, or Pacific Investment Management Company, buying a 64.9 percent stake in the property from Innovo valued at $13 million. Pimco was the lender who provided a $61 million loan to Innovo to purchase the property for $75 million in January 2019.

Within a 400-foot radius of 23-30 Borden Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on February 18, 2020 for the $600,000.0 renovation of 10,753-square-foot F-1 building with no residential units at 2359 Borden Avenue.

Direct link to Acris document. link