The Bridge Offers Two Floors Totaling 210,000 Square Feet and Brand-New Features Including a Private Entrance Lobby, Elevators and MEP Systems
Innovo Property Group (IPG), a leading New York City-based real estate investment and operating company founded by Andrew Chung and backed by Nan Fung Group, today announced the launch of leasing at The Bridge, 24-02 49th Avenue in Long Island City, Queens. The Bridge offers a unique building-within-a-building opportunity with brand-new features such as a private entrance lobby, elevators and MEP systems.
The Bridge offers two floors of approximately 105,000 square feet each, enabling a spacious and collaborative workplace on vast floor plates. For tenants that require large office space in New York City, the two floors offer a fully exclusive environment to its tenant, in a less densified and easily accessible location right outside of Manhattan. It is conveniently located next to the Hunters Point 7 subway station and Long Island Rail Road train station, a short walk to the Court Street Station and Queensboro Plaza, adjacent to the Long Island Expressway, and right outside of the Queens-Midtown Tunnel.
The Bridge also offers potential indoor and outdoor amenity space on the ground floor and roof as well as an adjacent lot to accommodate growth. The building’s prominence and separation from other buildings allows for unobstructed views of Manhattan and the building itself offers space for advertising that will be visible from the Long Island Expressway and seen by approximately 500,000 vehicles daily.
“Long Island City is an important part of IPG’s portfolio and we believe its popularity will continue to increase in the coming years,” stated Andrew Chung, founder and CEO of IPG. “We are thrilled to officially launch leasing of The Bridge, a building with a vast amount of space that features new amenities and opportunities for growth.”
A dynamic CBRE leasing team lead by Paul Amrich has been brought on board to assist in leasing the property. “We are excited to support leasing efforts for this unique opportunity,” said Amrich. “This building is truly exceptional with its large floor plates and proximity to transportation and we expect the leasing campaign to be a huge success.”
The Bridge is an approximately 830,000 square foot, seven-story building and IPG is leasing the building’s top two floors and ground floor retail. IPG recapitalized the building in November 2019 through an equity joint venture with Nan Fung Group.
Long Island City is one of the fastest-growing neighborhoods in the United States. The area has experienced unprecedented residential development, with over 20,000 residential units built since 2006 and more than 11,000 units planned or under construction, along with over 5 million square feet of new commercial space announced to be delivered by 2021, according to the Long Island City Partnership. This has caused an influx of new residents and companies and caused rapid transformation of the neighborhood into a 24/7 mixed use destination.
Since 2015, IPG has been investing in New York City with a focus on value-add developments and redevelopments in the outer boroughs. IPG has been one of the most active industrial players in New York City over the last few years with big bets on last-mile warehouse facilities and the growing demand from e-commerce.
For a virtual tour of The Bridge, please click here.
About Innovo Property Group
Innovo Property Group (“IPG”) is a real estate investment and operating platform focused on acquiring and managing assets in the greater New York City metropolitan area. Headquartered in New York City, IPG was founded by Andrew Chung in 2015 and backed by Nan Fung Group, a Hong Kong-based global conglomerate with core businesses in property development and investment.
About Nan Fung Group
Founded in 1954, Nan Fung Group is a Hong Kong-based property developer and investor with net assets around $13 billion. To date, Nan Fung Group’s track record spans over 165 projects comprising over 66 million square feet. Outside of Hong Kong, Nan Fung Group’s property portfolio also covers various first tier cities in the Mainland of China; as well as London, New York, and Boston. Nan Fung Group also holds a well-diversified, substantial financial investment portfolio, and has made significant progress in investments related to the life science sector in the United States and China.
