Innovo Property Group leased 231,000 square feet across two industrial tenants at its 28-90 Review Avenue development in Long Island City, Queens, marking a significant filldown of space at the waterfront property.
Roadway Moving, a full-service moving and storage operator, anchored the deal by committing to 117,000 square feet on the first floor. Contenur, a waste management and recycling equipment manufacturer, took the remaining 114,000 square feet. Both tenants occupy prime industrial space in a market where large contiguous blocks remain scarce.
The leases represent solid momentum for Innovo at a juncture when Long Island City industrial rents face headwinds. The neighborhood has experienced rapid rent growth over the past five years, with Class A industrial space reaching $15 to $18 per square foot annually. These anchor leases suggest the market still supports trophy-grade buildings with modern loading infrastructure and waterfront access.
Roadway Moving's lease anchors logistics and last-mile operations in the submarket. The company operates across the Northeast and specializes in commercial and residential relocations, plus climate-controlled storage. Long Island City's proximity to Manhattan, Brooklyn, and major highways makes it an ideal hub for a regional mover handling frequent pickups and deliveries across the metro area.
Contenur's presence reinforces the industrial corridor's appeal to manufacturing and specialized logistics users. The company produces compactors, balers, and container systems for waste and recycling operations. Queens industrial space attracts such tenants seeking access to multiple boroughs while maintaining lower rents than Manhattan or Brooklyn waterfront alternatives.
Innovo's Review Avenue property offers 430,000 square feet total. The building features modern bay depths, clear ceiling heights suitable for storage and light manufacturing, and direct truck access. The waterfront location provides barge connectivity for companies shipping bulky equipment or goods via the East River. Loading dock infrastructure appears sufficient to support both tenants' high-volume operations.
For Innovo, the double-tenant lease addresses occupancy concerns that have plagued the broader Long Island City market. While tech and media companies drove office leasing booms in the neighborhood earlier this decade, industrial landlords faced tougher competition from Jersey City, Bronx logistics parks, and upstate facilities offering cheaper square footage. Contentious rezoning disputes and construction costs pushed some developers to delay projects or reduce asking prices.
Roadway Moving and Contenur's commitments validate Innovo's thesis that modern, well-located industrial space still commands premium pricing if operators need reliable NYC-area logistics platforms. Both tenants likely negotiated strong terms given current market softness elsewhere in Queens, though specifics on rent, lease length, and tenant improvement allowances remain undisclosed.
Landlords in Long Island City now face a bifurcated market. Premium properties with waterfront access, modern systems, and flexibility for industrial, light manufacturing, and logistics use attract credit-worthy tenants willing to pay market rates. Older buildings and secondary locations see higher vacancy and increased pressure on rents.
Brokers handling this transaction have not been named in available reports. The timing suggests landlords remain selective about tenant quality, prioritizing long-term commitments from established operators over chasing marginal rent increases with weaker credits.