Innovo Property Group and Hong Kong's Nan Fung Group are under contract to acquire Westbrook Partners' approximately 90% stake in a Queens, N.Y., warehouse property in a transaction that values the asset at $430 million, The Real Deal reported, citing unnamed sources.
The New York City Housing Authority leases approximately 600,000 square feet in the seven-story, 800,000-square-foot building at 23-02 49th Ave. Innovo is in negotiations with lenders to fund the purchase, with closing expected in the next 30 to 45 days and a loan covering more than 60% of the property value.
Innovo and Nan Fung partnered with Westbrook in 2016 to acquire the property for $195 million from investors Cammeby's International and the Fruchthandler family, the report added. Innovo negotiated a 30-year extension to the New York City Housing Authority lease, according to the publication.
Innovo and Nan Fung aim to transform the top two floors of the property into space for life-sciences tenants.
The publication could not get a comment on the matter from Innovo and Westbrook representatives or from broker Cushman & Wakefield.
