Fetner, Lions Group pay $36.3M to NYC for LIC air rights at $100 per foot

Fetner Properties and Lions Group paid the City of New York $36.3 million for air rights in two separate transactions for two individual development projects in Long Island City.

In the first, Fetner Properties and Lions Group through the entity 2632 Property Owner LLC paid the City Of New York $29.6 million for air rights for its project at 26-32 Jackson Avenue in Long Island City. The deal closed on June 30, 2020, and was recorded on July 7, 2020.

The developers are buying 296,315 square feet of air rights from the city for $29,631,500, or exactly $100 per square foot. The project will be 376,315 square feet, with an affordable condo unit with 106 apartments and additional condo units with market rate units and commercial space. The last time the property sold was September 9, 2015, for $8,499,563. The signatory for the city was Vicki Been, Deputy Mayor of Housing and Economic Development. The signatories for the developers were Hal Fetner and Albert Shirian.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Fetner Properties and Lions Group through the entity 2701 Property Owner LLC paid City of New York’s City Of New York $6.6 million for air rights for its project in Long Island City. The deal closed on June 30, 2020, and was recorded on July 7, 2020.

The developers plan to build a 27-story building with 139,776 square feet divided into condominium units, including one with 50 affordable units, two with market rate units and two commercial condo units. The city is selling 66,368 square feet of air rights for $6,636,800, or $100 per square foot. The signatory for the city was Vicki Been, Deputy Mayor of Housing and Economic Development. The signatories for the developers were Hal Fetner and Albert Shirian.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link