Developers of a 27-story rental building in Long Island City announced the project is now fully financed and construction is underway.
American Lions LLC have announced that their first project, 27-01 Jackson Ave. in Long Island City, is fully financed with $95 million in backing from Bank Leumi USA, Leumi Partners and Israeli Discount Bank.
The 27-story rental building, an as-of-right development, will have 164 apartments with 30% categorized as affordable. A spokesperson for the developers said they can’t discuss market-rate rents and the affordable apartments’ rent is not yet set.
American Lions LLC is a joint venture between Fetner Properties and the Lions Group. Both real estate agencies are multi-generational family businesses dedicated to building, owning and managing residential projects throughout New York City. In 2017, Fetner Properties and the Lions Group joined together as American Lions to focus on large-scale development projects in Long Island City.
Hal Fetner, president and CEO of Fetner Properties, said construction for the project has already begun.
“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. This milestone represents the cumulative efforts of colleagues and professionals across many disciplines over a period of years, all against the headwinds of national pandemic, and we are grateful to all,” Fetner said. “We are proud to be part New York City’s economic recovery with the start of this project, and more importantly, we look forward to meeting the housing needs of New Yorkers from a wide range of economic backgrounds in the heart of Long Island City.”
This is the first project Fetner Properties launched in Queens, as they are better known for their properties throughout Manhattan. The Lions Group, founded by immigrant brothers Albert and Ramin Shirian, was established in 1984 and focuses on acquisition, development, construction and management of residential, commercial and retail properties.
The Shirian family were some of the first developers in Long Island City, receiving the first permit after the rezoning in 2001.
“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.”
27-01 Jackson Ave. is the first of a two-phase project by American Lions, with another tower slated for across Jackson Avenue. SLCE Architects is the architect for both buildings.
A completion date for the 27-01 Jackson Ave. development was not provided.