Andrew Chung's Innovo Property Group Acquires Long Island City Warehouse For $75M

The recently closed transaction involves the sale of a warehouse located at 23-30 Borden Avenue in Long Island City. This property, spanning 200,000 square feet, was sold by Atlas Capital Group, represented by Jeffrey Goldberger, to Andrew Chung of Innovo Property Group. The sale was facilitated by the brokers Adam Spies, Doug Harmon, Adam Doneger, and Josh King from CushWake. The transaction took place on December 5, 2018, with a selling price of $75,000,000 at a rate of $375 per square foot.

Summary of transaction details:

• Property Type: Warehouse
• Transaction Amount: $75,000,000
• Address: 23-30 Borden Avenue, Long Island City
• Market: Long Island City
• Seller: Atlas Capital Group - Jeffrey Goldberger
• Buyer: Andrew Chung - Innovo Property Group
• Brokers: Adam Spies, Doug Harmon, Adam Doneger, and Josh King from CushWake
• Square Footage: 200,000
• PPSF: $375

The main players in this deal were Atlas Capital Group, represented by Jeffrey Goldberger, who sold the warehouse to Andrew Chung of Innovo Property Group. The transaction was successfully executed with the assistance of brokers Adam Spies, Doug Harmon, Adam Doneger, and Josh King from CushWake. This sale represents a noteworthy milestone in the Long Island City property market.