| Work Detail |
Construction on a 363 unit luxury multifamily development dubbed The Italic will soon commence in Long Island, New York. Fetner Properties and the Lions Group formed a joint venture partnership known as American Lions to build the project.
The partners have secured $350 million in debt and equity for The Italic project. However, it was JLL that represented them in the transaction and helped secure the loan. Senior Managing Director Christopher Peck and Director Alex Staikos were responsible for leading the JLL team that arranged the debt. While Senior Managing Director Rob Hinckley, Senior Director Steven Rutman and Director Nicco Lupo led the Capital Markets Equity Advisory team.
The Italic site location is at the intersection of Court Square and Queens Plaza on 26/32 Jackson Avenue. Therefore it offers easy access to public infrastructure including six subway stations within a half mile radius. Residents at the property will also be able to visit the Empire State Building, which is approximately 3 miles away. Furthermore, occupants will enjoy access to multiple dining and retail options including an 11.5 million square foot office space. All the featured amenities will be within walking distance of the property.
Development plans for The Italic multifamily project
The Italic will include a combination of residential and commercial retail spaces, spanning 283,000 and 10,000 square feet respectively. The property will have a mix of studio, one, two and three bedroom floor plans averaging 770 square feet. Upon completion, 70% of the apartments totaling 254 units will be set at market rate. While 109 units which is about 30% of the total units will be designated as affordable.
The Italic will have common area amenities such as a fitness center, golf simulator, and basketball court. In addition the property also provides coworking spaces, residents lounge and rooftop patio. All units will have access to an embedded touchless SALTO ecosystem along with a commercial grade WIFI network across the building |
