Innovo Wraps 1 MSF Multistory Industrial Complex
The property, in the Queens borough of New York City, features film and television studio space on the top floors.
Innovo Property Group has completed The Borden Complex, a unique Class A industrial property in Long Island City, within the Big Apple’s Queens borough.
The 1 million-square-foot multi-tenant development at 23-30 Borden Ave. in Borden’s Innovation District has multiple levels of industrial space and a first-of-its-kind, purpose-built film and television studio.
Dubbed Borden Industrial, the warehouse component has direct loading, a 130-foot truck court on the first and second levels, and covered rooftop parking. The first level boasts 28-foot clear heights, 40-foot by 40-foot column spacing, as well as 23 dock doors and two drive-in doors.
The second level features 28-foot clear heights, 40-foot by 40-foot column spacing, 23 loading dock doors and two drive-in doors. It is accessible by a truck ramp.
A JLL Northeast Industrial team led by Vice Chairmen Rob Kossar and Leslie Lanne is leading marketing of the Borden Complex on behalf of Innovo. Back in 2022, the company received a $435 million refinancing loan for the project from Starwood Property Trust Inc. and J.P. Morgan.
Class A film, sound production space
Situated on the top floors of The Borden Complex, Borden Studios offers 232,935 square feet of Class A film and sound production space.
The project was designed to offer a range of highly functional and attractive settings, anticipating the unique needs of various tenants, according to Graham Stephens, a principal on the investments team & head of capital markets at Innovo Property Group.
“Borden Studios is purpose-built for a Class A experience, including sound stages, offices, maker space and convenient onsite parking, all crafted to enhance production operations,” he told Commercial Property Executive.
Operated by The MBS Group, Borden Studios has four NC-25 sound-rated sound stages, 70,300 square feet of office space, 41,200 square feet of support space and more than 7,800 square feet of outdoor space. It also has a 5,800-square-foot rooftop terrace, as well as direct, drive-up access and abundant parking.
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The sound stages range from 11,600 to 15,200 square feet, and feature 40-foot ceilings and fully retractable, STC-53-rated partition walls, enabling the four stages to open to two “double-sized” sound stages. Next to the stages on the fourth level are production offices and mill space. The executive suites and flex support space are one level higher.
There are an additional 114,000 square feet of warehouse space with 24-foot clear heights on the third level. It can serve studio tenants and ancillary businesses.
Industrial assets rise in NYC
New York industrial leasing reached its second-highest volume in 2024 since the COVID surge sent the market into overdrive, according to Lanne.
“Proposed zoning changes and macroeconomic challenges are expected to limit new developments coming to market in the city,” she said.
This limited supply will continue to keep vacancy constrained in a market that predominantly comprises outdated logistics space, Lanne added.
“Consequently, while landlords should not anticipate achieving the record-setting rates of previous years on every deal, the supply and demand dynamics of the NYC market offer a cautiously optimistic outlook for owners of the new Class A projects as they enter the new year with fewer competing developments on the horizon.”
Alternatively, as developers and investors continue adapting to shifting consumer behaviors and supply chain dynamics, the industrial sector in Long Island and NYC is well-positioned for sustained growth and innovation, according to Eric Grad, managing principal of WCRE/CORFAC International’s New York office.
“Since the COVID-19 pandemic, the NYC metro area has experienced a notable rise in industrial activity,” he told CPE.
From 2020 through December 2024, 28 new warehouse and distribution buildings were completed on Long Island, adding nearly 4.5 million square feet of space. Ten speculative vacancies, ranging from 100,000 to 250,000 square feet, are currently available.
“Fueled by e-commerce expansion and the demand for efficient last-mile delivery, warehouse and distribution center development has accelerated to meet evolving logistics needs,” Grad said.
“These investments underscore the strategic importance of locations such as Long Island City and Islip, N.Y., while reflecting strong confidence in the market.”
In June 2023, Innovo Property Group began constructing a six-story industrial project at 28-90 Review Ave. in Long Island City, which is expected to be completed by the end of the year.
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