JLL says project is located in one of New York City’s fastest-growing residential markets
A newly completed high-end residential tower in Queens’ Long Island City neighborhood has secured a major new financing package.
Wells Fargo provided $224.3 million in bridge financing for the Italic, a 49-story mixed-use rental property featuring 363 apartments at 26-32 Jackson Ave. JLL announced the deal Monday, noting it represented the borrowers — a joint venture between The Carlyle Group, Fetner Properties and Lions Group.
Designed by SLCE Architects, the Italic was developed to appeal to renters moving from Manhattan. The building offers an extensive amenity lineup, including a fitness center, an indoor basketball court, a golf simulator, coworking areas and a rooftop terrace with sweeping views of the city skyline, according to JLL.
The loan comes as Long Island City continues to emerge as one of New York City’s fastest-expanding residential hubs. JLL cited the neighborhood’s close proximity to Midtown Manhattan, strong subway and ferry connectivity, and a rapidly growing retail and cultural presence as key drivers of demand.
The property includes 109 designated affordable housing units.
Rents for the Italic’s 254 market-rate apartments range from $3,739 for studios to $9,067 for three-bedroom units, based on CoStar data. Average asking rents across Long Island City have climbed to a record $4,300, exceeding the citywide average of $3,533, which also stands at a historic high.
For the record
JLL Capital Markets’ Debt Advisory team advising the borrowers included Senior Managing Director Christopher Peck, Senior Director Nicco Lupo, Managing Director Michael Shmuely and Director Alex Staikos.
Source: Original reporting by Andria Cheng, CoStar News.
