Innovo Tops Out Multistory Industrial Project
This Queens development is slated for completion in the fall.
Innovo Property Group has topped out its newest multistory urban industrial facility, Review Avenue Complex in Queens’ Borden Innovation District. The firm is developing the project in partnership with The Urban Investment Group at Goldman Sachs Alternatives. Completion is expected this fall.
Review Avenue Complex is at 28-90 Review Ave. in Long Island City, just off the Long Island Expressway. Innovo broke ground on the project in 2022 and obtained a $354 million financing package one year later.
The six-story, 736,000-square-foot development features flexible floorplates, 40-foot by 42.5-foot column spacing and clear heights up to 32 feet, as well as four freight elevators. There are high-capacity floor loads and truck access on each level via a 35-foot ramp. Its parking areas can accommodate 166 cars and 118 trucks.
In March, Innovo completed The Borden Complex, also in Long Island City. The 1 million-square-foot property at 23-30 Borden Ave. is within walking distance of Review Avenue Complex.
Increasing industrial demand
Urban industrial developments like the Review Avenue Complex demonstrate the way developers are adapting to meet demand with high-capacity, flexible facilities close to major population centers, said John Crow, CEO of Century 21 Commercial.
“Whether it’s multistory logistics space in New York or expansive parks in Arizona, we’re seeing long-term investment in industrial infrastructure that supports modern commerce,” Crow told Commercial Property Executive. “The sector’s resilience and adaptability continue to make it one of commercial real estate’s most dynamic asset classes.”
While tariff uncertainty may create instability for the sector in the near term, e-commerce will continue to drive industrial demand growth during the second half of the decade, Doug Ressler, senior research officer at Yardi Matrix, told CPE.
Some 345.5 million square feet of industrial space, or 1.7 percent of the stock, were under construction nationally as of March, according to a CommercialEdge report. While new project starts have decelerated in recent years, they remain above pre-pandemic norms.
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