The First to the Last Mile
SOURCE: The Real Deal by David M. Levitt
March 7, 2019
When Andrew Chung left the Carlyle Group to launch his own company four years ago, multistory industrial space for e-commerce companies was virtually unheard of in the city.
“It wasn’t even an option to consider,” Chung said.
Not until mid-2016 did his new firm, Innovo Property Group, begin looking into urban warehousing in the outer boroughs while other investors continued to put their chips on luxury condos, trophy office towers, hotels and apartment buildings.
That’s when Chung discovered a huge underserved market for deliveries on demand in New York. “We get more and more compelled every day,” he said.
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