American Lions LLC – a joint venture between Fetner Properties and the Lions Group – has secured a $ 95 million mortgage loan for the development of 27-01 Jackson Ave., a 27-story community in Queens’ Long Island City . Bank Leumi USA, Leumi Partners and Israeli Discount Bank provided the loan.
The building will comprise 164 units, 30 percent of which will be affordable housing. The development will also provide nearly 10,000 square feet of retail space, according to Yardi Matrix data. The community is part of a two-phase American Lions project that will include another tower on Jackson Avenue. SLCE Architects is working on both buildings.
TThe community will be meters from the Queens Plaza subway station, which serves the E, M, and R lines. A large number of dining, retail and entertainment options can be found within 1 mile, including the SculptureCenter and Foodcellar Market Court Square.
Last year the Lions Group refinanced another tower in Long Island City – the One LIC with 110 units.
While New York City’s apartment building is recovering more slowly from last year’s downturn compared to cheaper domestic markets, it is now on the upswing. According to a recent Yardi Matrix report, rents rose 8.3 percent year-on-year through October. While this is well below the unprecedented national figure of 13.7 percent for the same period, the rate remains high when you look at the performance of gateway markets over the past decade.