Fetner Properties and Lions Group have signed a US $ 95 million home loan to complete a new high-rise apartment building at 27-01 Jackson Avenue in Long Island City, Queens. The building, designed by SLCE Architects, will have 27 stories and measure just over 151,000 square feet.
The developers 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 long history of building, owning and managing high quality mixed income projects in New York City and we are excited to officially begin construction on 27-01 Jackson,” said Hal Fetner, president and CEO of Fetner Properties. “This milestone represents the cumulative efforts of colleagues and professionals in many disciplines over a period of years, all against the headwinds of a national pandemic, and we are grateful to all.”
The residential part at Jackson Avenue 27-01 will comprise around 140,000 square meters with 164 rental apartments. After completion, 30 percent of the available units will be marketed as affordable apartments.
Updated renderings show a sleek glass-clad exterior with bright metal supports arranged in a standard grid pattern. The building’s facade is significantly simplified compared to previous renderings the architect released last August.
“I am very excited to be building another project in Long Island City and further strengthening our relationship with Bank Leumi and Leumi Partners and building a new project with the Israeli discount bank,” said Albert Shirian, co-founder of Lions Group. âWorking with Fetner was a natural fit as we are both a multigenerational family business committed to bringing the absolute best product to the residents of New York City. It is a real honor to start our work together. “
To date, the project team has not confirmed when the building could be completed. It is also unclear which household incomes can be considered for the component of affordable housing.
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