Lions Group and Fetner Properties sign $35.8M refi for 363-unit dev site in Long Island City

Lions Group and Fetner Properties through the entity 2632 Jackson Devco LLC as borrower signed a refi loan with lender Valley National Bank valued at $35.8 million for the industrial building (E9) at 26-32 Jackson Avenue in Long Island City, Queens.
The deal closed on November 17, 2022 and was recorded on November 28, 2022. The prior lender was Valley National Bank which held debt that had an original loan amount of $22.5 million.
The owner bought at least one of the parcels on September 9, 2015, for $8.5 million. The signatory for Lions Group and Fetner Properties was Ramin Shirian and Harold Fetner. The signatory for Valley National Bank was Jeff Puchin.

The property

The most recent loan totaled $22.5 million and was provided by Valley National Bank on August 10, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

On the lot, there is one active new building construction project for a 363-unit, 364,819 square-foot R-2 building. The project was developed by Albert Shirian with plans filed December 9, 2021 and it has not been permitted yet.

The neighborhood

In Long Island City, the bulk, or 34 percent of the 63.3 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 3rd most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 270,017 square feet of the 275,576 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 R-2 building developed by Albert Shirian with plans filed December 9, 2021 and permitted May 13, 2022.

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.

The borrower

The PincusCo database currently indicates that Lions Group owned at least 10 commercial properties in New York City with 332,495 square feet and a city-determined market value of $70.9 million. (Market value is typically about 50% of actual value.) The portfolio has $195.8 million in debt, with top three lenders as Greystone & Co., Bank Leumi, and Popular Bank respectively. Within the portfolio, the bulk, or 95 percent of the 332,495 square feet of built space are elevator properties, with industrial properties next occupying 3 percent of the space. The bulk, or 88 percent of the built space, is in Queens, with Manhattan next at 11 percent of the space.
The PincusCo database currently indicates that Fetner Properties owned at least eight commercial properties in New York City with 638,489 square feet and a city-determined market value of $128.1 million. (Market value is typically about 50% of actual value.) The portfolio has $88.5 million in debt, borrowed from Wells Fargo. Within the portfolio, the bulk, or 97 percent of the 638,489 square feet of built space are elevator properties, with industrial properties next occupying 2 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Queens next at 2 percent of the space.

Correction: a prior version of this post incorrectly provided data on just one parcel, yielding an incorrect buildable total.

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