Developers Complete $ 95 Million Funding Package To Build Jackson Avenue On Jan. 27. in Long Island City, Queens



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.

Former renderings by 27-01 Jackson Avenue – SLCE Architects

“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. “Working 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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