Lions Group, Fetner sign $80M construction loan for 150-unit development in LIC

Lions Group and Fetner Properties through the entity 2701 Property Owner LLC as borrower signed a new construction loan with lender Bank Leumi valued at $80 million for the 150-unit development at 27-01 Jackson Avenue in Long Island City, Queens.
The deal closed on October 22, 2021 and was recorded on January 25, 2022. The partnership also owns a development site across the street.

The owner bought the property on July 25, 2013, for $11.6 million.
The signatory for Lions Group and Fetner Properties was Albert Shirian, Romina Sasson, Ramin Shirian, and Hal Fetner.
(420665667) Plans for a 150-unit, 151,141 square-foot R-2 were filed on April 24, 2019.
Hal Fetner is president and CEO of Fetner Properties. Albert Shirian is the founder of Lions Group.  According to the Commercial Observer, a 27-story multifamily building is planned for the property. 
In Long Island City, the bulk, or 33 percent of the 66.2 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 30 percent of the space. In sales, Long Island City has 4.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 2nd most active neighborhood among other neighborhoods. It had 9.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
On the tax block, the majority, or 43 percent of the 299,583 square feet of built space are hotel buildings, with office buildings next occupying 27 percent of the space.
Within a 400-foot radius of 27-01 Jackson Avenue, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, four were in new building development. There were four new building permit applications. The most recent of these four items was a filing on December 9, 2021 for a 407,556-square-foot 51 building with 82 residential units at 26-04 Jackson Avenue.
Of those 10 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $449,280 and one permit with a total initial cost of $1.2 million. The most recent of these two items was the filing on October 14, 2021 for a 3,354-square-foot A-2 building with 0 residential units at 27-20 Jackson Avenue.
Of those 10 items, two were sales above $5 million totaling $55.6 million. The most recent of the two was Fetner Properties and Lions Group which bought the 9,612-square-foot, one-unit industrial (E9) on 26-32 Jackson Avenue and one other property for $29.6 million from City of New York on July 7, 2020.
Of those 10 items, two were loans above $5 million totaling $87 million. The most recent of the two was Io Logistics which borrowed $37 million from CTBC Bank secured by the 0-square-foot, four-unit office building (O5) on 27-35 Jackson Avenue and one other property on October 6, 2021.

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