A recently built luxury apartment building in the Long Island City neighborhood of Queens has landed a new loan.
Wells Fargo offered $224.3 million in bridge financing for the Italic, a 49-story, 363-unit mixed-use rental building at 26-32 Jackson Ave., JLL, which represented the borrowers, a joint venture between The Carlyle Group, Fetner Properties and Lions Group, said Monday in a statement.
“Developed to appeal to modern renters migrating from Manhattan,” the Italic, designed by SLCE Architects, features amenities including a gym, indoor basketball court, golf simulator, coworking space and a rooftop terrace with panoramic city views, JLL said.
The financing comes as Long Island City continues to rank among New York’s fastest-growing residential clusters, thanks to its proximity to midtown Manhattan, extensive subway and ferry access, and a “rapidly expanding retail and cultural scene,” JLL said.
The building includes 109 affordable housing units.
The asking rents for the Italic’s 254 market-rate units range from $3,739 for a studio to $9,067 for a three-bedroom apartment, according to CoStar data. The average market asking rent in the neighborhood has reached a record high of $4,300, above the New York average of $3,533, also a record high, CoStar data shows.
For the record
JLL Capital Markets’ Debt Advisory team representing the borrowers included Senior Managing Director Christopher Peck, Senior Director Nicco Lupo, Managing Director Michael Shmuely and Director Alex Staikos.