Lions Group, Fetner signs $80M refi with PGIM in LIC

Lions Group and Fetner Properties through the entity 2701 Property Owner LLC as borrower signed a refi loan with lender PGIM Real Estate valued at $80 million for the 164-unit residential elevator building (D6) at 27-01 Jackson Avenue in Long Island City, Queens.
The deal closed on February 27, 2026 and was recorded on March 5, 2026. The prior lender was Valley National Bank which held debt that had an original loan amount of $80 million.The property has 175,796 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $455 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 July 25, 2013, for $11.6 million. The signatory for Lions Group and Fetner Properties was Albert Shirian . The signatory for PGIM Real Estate was Jeremy Keenan.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Hal Fetner, head officer and Sara Getlin, agent. The business entities are Fetner Nyc Llc and 2701 Property Owner Llc. The 175,796-square-foot property generated revenue of $7.2 million or $41 per square foot, according to the most recent income and expense figures.
Crains New York Business reported on March 04, 2026 that Fetner Properties and Lions Group borrowed $111 million from PGIM Real Estate for 27-01 Jackson Ave, Queens, NY. The borrower-side brokers were Christopher Peck, Nicco Lupo, Michael Shmuely, Alex Staikos, and Adam Dietrich of JLL.

The property

The residential elevator building with 164 residential units in Long Island City has 175,796 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 92 feet and is 99 feet deep with a total lot size of 9,195 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 $10.8 million. PGIM Real Estate on February 27, 2026 bought a loan with an original principal of $80.0M from Valley National Bank signed by Jeffrey Puchin , secured by 27-01 Jackson Avenue, when owned by Lions Group|Fetner Properties. The property has 164 rent regulated units according to city tax records from 2024.

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 $985 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 420665667, for a 150-unit, 151,141 square-foot R-2 building. The project was submitted by Fetner Properties and filed by Harold Fetner with plans filed April 24, 2019 and permitted January 5, 2022.

The block

On this tax block, PincusCo has identified the owners of 11 of the 15 commercial properties representing 217,931 square feet of the 299,583 square feet. The largest owner is Io Logistics, followed by Prakashkumar Patel and then Icross Capital.
On the tax block, there were four new building construction projects totaling 239,891 square feet. The largest is a 150-unit, 151,141 square-foot residential (R-2) building submitted by Fetner Properties and filed by Harold Fetner with plans filed April 24, 2019 and permitted January 5, 2022. The second largest is a 40-unit, 31,974 square-foot residential (R-2) building submitted by Nissim Seliktar and filed by Nissim Seliktar with plans filed May 17, 2019 and it has not been permitted yet.

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.

The borrower

The PincusCo database currently indicates that Lions Group owned at least 13 commercial properties with 496 residential units in New York City with 375,258 square feet and a city-determined market value of $103.8 million. (Market value is typically about 50% of actual value.) The portfolio has $354.5 million in debt, with top three lenders as Greystone & Co., Bank Leumi, and iCross Capital respectively. Within the portfolio, the bulk, or 84 percent of the 375,258 square feet of built space are elevator properties, with walkup properties next occupying 10 percent of the space. The bulk, or 79 percent of the built space, is in Queens, with Manhattan next at 20 percent of the space.
The PincusCo database currently indicates that Fetner Properties owned at least 10 commercial properties with 1,503 residential units in New York City with 1,031,858 square feet and a city-determined market value of $223.6 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 83 percent of the 1,031,858 square feet of built space are elevator properties, with specialty properties next occupying 16 percent of the space. The bulk, or 84 percent of the built space, is in Manhattan, with Brooklyn next at 16 percent of the space.

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