Carlyle, Fetner sign $112.2M refi with Wells Fargo for 361-unit rental in Long Island City

Carlyle Group, Fetner Properties through the entity Italic Realty, L.L.C. as borrower signed a refi loan with lender Wells Fargo valued at $112.2 million for the 361-unit residential elevator building (D7) at 26-32 Jackson Avenue in Long Island City, Queens.
The deal closed on January 7, 2026 and was recorded on January 14, 2026. The prior lender was Brookfield Properties which held debt that had an original loan amount of $112.2 million.The property has 409,260 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $274 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on April 27, 2023, for $42 million. The signatory for Carlyle Group, Fetner Properties was Harold A. Fetner . The signatory for Wells Fargo was Evan Larkin.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Hal Fetner, head officer and Jeannette Vargas, site manager. The business entities are Fetner Nyc Llc and Italic Realty Llc. The 409,260-square-foot property generated revenue of $19.1 million or $47 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 361 residential units in Long Island City has 409,260 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-5/R9 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $13 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $11,935 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, Q00608144, for a 363-unit, 364,819 square-foot R-2 building. The project was submitted by Lions Group and filed by Albert Shirian with plans filed December 9, 2021 and permitted December 28, 2023.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 270,017 square feet of the 270,017 square feet. The largest owner is Rabsky Group, followed by Lions Group and then Fetner Properties.
On the tax block, there was one new building construction project filed totaling 364,819 square feet. It is a 363-unit, 364,819 square-foot residential (R-2) building submitted by Lions Group and filed by Albert Shirian with plans filed December 9, 2021 and permitted December 28, 2023.

The majority, or 96 percent of the 270,017 square feet of built space are elevator buildings, with industrial buildings next occupying 4 percent of the space.

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