Innovo Property Group Tops Out NYC Mixed-Use Project

Topping out of The Borden Complex. Image courtesy of Innovo Property Group

Innovo Property Group (IPG) has topped out The Borden Complex, a five-story, 900,000-square-foot Class A mixed-use development in Long Island City, N.Y. After its completion, expected in the spring of 2024, the project will be home to a 680,000-square-foot last mile distribution facility, designed for shipping to much of New York City.

Additionally, the space will be the home of Borden Studios, a 194,000-square-foot film and television production facility that includes sound stages, as well as office space for production crews and project executives. IPG has tapped The MBS Group for the studio space’s leasing administration and property management.

The Borden Complex, up close

IPG acquired the future home of The Borden Complex, then a 276,705-square-foot FreshDirect food storage warehouse located at 23-30 Borden Ave., for $75 million in 2019 as part of a joint venture with Atalaya Capital Management and Nan Fung Group. In 2021, the developer received a $155 million construction loan for the new project from Starwood Capital Group. Next year, in April, the project was refinanced with a $435 million financing package provided by the same capital markets service provider alongside J.P. Morgan.

The Borden Complex. Rendering courtesy of Innovo Property Group

Designed by KSS Architects, the building will have vertical parking and loading capabilities. The facility’s industrial section will feature 40-foot ceiling heights and 50 dock doors, while Borden Studios will feature four 11,800- to 16,200-square-foot sound studios, 43,000 square feet of flexible production office space and an additional 56,000 square feet of modular support space. Building amenities include 8,800 square feet of private outdoor space, as well as 28,000 square feet of on-site dedicated parking.

Situated adjacent to the Long Island Expressway, the facility has quick highway and shipping access to much of metro New York City. The facility is 5 miles from downtown Manhattan and are within an hour’s commute of all five boroughs.

The Big Apple’s industrial core

Despite macroeconomic uncertainties, New York City’s industrial market remained stable. According to a fourth quarter 2022 report from JLL, a continued need for last mile logistics, as well as outdoor storage have positively impacted the city’s construction, leasing and demand fundamentals. The boroughs had 3.6 million square feet under construction and 2.4 million square feet net absorbed, while the vacancy rate averaged 2.1 percent.

A recent industrial development headline from the City of Dreams is Turnbridge Equities’ topping out of the Bronx Logistics Center. Upon completion, the 1.3 million-square-foot industrial facility will be the largest distribution center in the city.