Fetner Properties and Lions Group have closed on a $95 million construction loan to complete a new high-rise residential tower at 27-01 Jackson Avenue in Long Island City, Queens. Designed by SLCE Architects, the building will top out at 27 stories and comprise just over 151,000 square feet.
The developers have formed a joint venture American Lions, LLC, to complete the new property and the financial package was provided by Bank Leumi USA, Leumi Partners, and Israeli Discount Bank.
“Fetner Properties has a longstanding commitment to building, owning, and managing high-quality mixed-income projects in New York City, and we are excited to officially commence construction of 27-01 Jackson,” said Hal Fetner, president and CEO of Fetner Properties. “This milestone represents the cumulative efforts of colleagues and professionals across many disciplines over a period of years, all against the headwinds of a national pandemic, and we are grateful to all.”
The residential component at 27-01 Jackson Avenue will occupy roughly 140,000 square feet with 164 rental apartments. When complete, 30 percent of available units will be marketed as affordable homes.
Updated renderings reveal a sleek glass-clad exterior with pale metal supports arranged in a standard grid pattern. The building’s façade is significantly simplified compared to previous renderings released by the architect last August.
Former renderings of 27-01 Jackson Avenue – SLCE Architects
“I’m thrilled to be building another project in Long Island City, as well as continuing to strengthen our relationship with Bank Leumi and Leumi Partners in addition to building a new one with Israeli Discount Bank,” said Albert Shirian, co-founder of Lions Group. “Joining forces with Fetner was a natural fit, as we are both multi-generational family businesses dedicated to bringing the absolute best product to New York City residents. To commence our work together is a real honor.”
To date, the project team has not confirmed when the building might be completed. It is also unclear which household incomes will be eligible for the affordable housing component.
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December 02, 2021 at 07:30PM
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Developers Close on $95M Financial Package to Complete 27-01 Jackson avenue in Long Island City, Queens - New York YIMBY
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