Developer American Lions has secured $224.3 million in bridge financing for The Italic, a recently completed residential skyscraper at 26-32 Jackson Avenue in Long Island City, Queens. Designed by SLCE Architects, the 49-story tower yields 363 residential units, including 109 affordable apartments. JLL Capital Markets arranged the financing package for the development team, a joint venture between The Carlyle Group, Fetner Properties, and Lions Group. The property is located at the corner of Jackson Avenue and Purves Street.
Rendering of 26-32 Jackson Avenue, by Flower Design Studio.
Amenities at The Italic include a fitness center, indoor basketball court, golf simulator, coworking space, multiple lounges, and a rooftop terrace. The building also features 10,300 square feet of ground-floor retail.
Photograph of 26-32 Jackson Avenue, via boldanditalic.com.
The Italic benefits from a 35-year Affordable New York tax abatement and includes a new publicly accessible open space beneath the Queensboro Bridge. The project is positioned as a sister building to The Bold, also developed by the sponsors.
Photograph of 26-32 Jackson Avenue, via boldanditalic.com.
Transit nearby the property includes the E, M, R, N, W, and 7 trains, with direct service to Midtown, Manhattan.
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35 year tax abatement for Millionaires.
I worked on the original LIC Rezoning EIS in the mid 1980s. Someone just knew that what was needed to create a building boom…near transit, near NYC…then 💥.
More dull, mediocrity for LIC. At least it’s housing.
Is there a reason why Long Island city has a specific style to it? Is it the target audience? Style I mean, basically lack of but beautiful views from the inside to the outside rather than vice versa.
There is no style. That’s the style. It is the cheapest possible glass box copy pasted over and over and over again. Large windows ideal for renters, zero character required its gonna rent anyway so why bother?