- Innovo Property Group leased 350,000 square feet to four tenants at its 652,000-square-foot Review Avenue Complex in Long Island City, filling more than half the building since construction wrapped this summer.
- Tenants include Edge Auto Rental, 1-800-GOT-JUNK?, Contenur, and Roadway Moving, drawn by 32-foot clear heights and drive-up loading access on every floor of the multistory building.
- The lease-up bucks a broader trend of sluggish demand for vertical industrial product built during the pandemic-era construction boom, testing the thesis that space-constrained New York can support the format.
Innovo Property Group has leased more than half of its new vertical industrial building in Long Island City, signing four tenants to a combined 350,000 square feet, Bisnow first reported. The deals fill space at 28-90 Review Avenue, a 652,000-square-foot Class-A property known as the Review Avenue Complex. The lease-up comes less than three months after construction wrapped.
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How It Started
Innovo began leasing the property this summer, according to a July blog post from brokerage Pinnacle Realty of New York. Car rental firm Edge Auto Rental signed first, taking 78,000 square feet on the ground floor roughly four months ago, followed by 1-800-GOT-JUNK? for 41,000 square feet across the ground and third floors in June.
Two larger leases followed in late August: Contenur, a Spanish manufacturer of waste containerization systems, took 114,000 square feet on the second floor, and moving company Roadway Moving signed for 117,000 square feet on the first floor. The pace shows leasing accelerating as more of the building came online, moving from a single early commitment to two large leases signed within weeks of each other.
The Details
The building offers clear heights of up to 32 feet, direct drive-up access, and loading on every floor, along with truck courts and flexible industrial space. Pinnacle’s David Junik, George Margaronis, Paul Bralower, and Brandon Burke represented Innovo across all four deals, while Colliers’ Jared Rutledge and Aidan Campbell represented 1-800-GOT-JUNK? and New York Commercial Realty Group’s Frank Rao and Michael Rao represented Contenur.
The four tenants span a mix of uses, from vehicle rental and junk removal to waste-container manufacturing and moving and storage, illustrating the range of businesses now competing for multistory industrial space in the borough. The property sits near Innovo’s Borden Complex, a 1-million-square-foot vertical industrial building at 23-30 Borden Avenue that combines industrial space with film studios and began leasing last spring.
Zooming Out
Both Innovo projects were the brainchild of Andrew Chung, the company’s CEO until he joined Gary Barnett’s Extell Development this spring. They were built on the thesis that space-constrained New York City could support multistory industrial product, a format that mostly broke ground during the pandemic-era industrial construction binge but has since struggled to lease up. Both properties sit close to the Queens waterfront, reflecting how scarce large, modern single-story industrial sites have become elsewhere in the borough, pushing developers toward pricier multistory formats out of necessity.
That struggle mirrors a wider pattern CRE Daily has covered as logistics leasing has diverged between large, modern facilities and older, smaller space.
Why It Matters
Review Avenue Complex’s fast lease-up offers early evidence that vertical industrial buildings, long viewed skeptically because of higher construction costs and unproven tenant demand, can work in the nation’s tightest industrial market. Multistory product typically costs more to build than single-story warehouses, requiring either higher rents or faster absorption to pencil out, so a quick fill at Review Avenue Complex is a meaningful signal for other developers weighing the format.
Pinnacle’s Junik credited the outcome to timing, saying Chung “had the vision to see where the market was going.”
A successful lease-up here could encourage other developers sitting on vertical industrial sites in outer-borough submarkets to move forward, particularly as ground-level industrial land in New York City remains scarce and expensive.
What’s Next
With roughly 302,000 square feet still available at Review Avenue Complex, watch for Innovo to court additional last-mile logistics or light-industrial tenants drawn to the building’s loading infrastructure and clear heights.
The performance of Innovo’s nearby Borden Complex, which paired industrial space with film studios, will offer a second data point on whether vertical industrial demand in Queens can hold up beyond a single building.
