26-32 Jackson Avenue
Developer Secures $350M Capitalization for 49-Story LIC Tower Project
Joint developers, Fetner Properties, and Lions Group NYC, have just secured a $350 million capitalization for a 49-story tower project, going up at 26-32 Jackson Avenue in Long Island City, Queens. Arranged by JLL, the deal resulted in both debt and equity financing, as well as a construction loan.
To be known as "The Italic", the new building is set to contain rental apartments, offered in studio and one to three-bedroom configurations. Plans also call for square feet of ground floor retail space. Tenant amenities are to include a fitness center with a basketball court, a golf simulator, dedicated co-working spaces, a resident lounge, and a roof deck.
Designed by , with serving as the general contractor, the structure will stand feet tall and total square feet upon completion. Based on the latest rendering for the project (provided below), it also appears that the tower's design has been significantly altered from what was depicted in the old rendering (shown above). The exterior now features fewer protrusions and is a simplified version of the original design, smoothed out by the addition of more glass curtainwall.
The project site encompasses a square foot lot, with the new development replacing a single-story commercial building. Construction is currently in the late foundation stage, and work is expected to finish by the summer of 2025.
It's also worth noting that the job site sits directly across the street from 27-01 Jackson Avenue; a 27-story mixed-use tower, which is simultaneously being developed by Lions Group.