Charney Companies and Tavros Announce $525 Million Financing for New Long Island City Skyscraper

Major Development in Long Island City: Charney and Tavros Secure $525 Million Loan



In a significant step towards advancing urban development in Long Island City (LIC), developers Charney Companies and Tavros have announced a groundbreaking financing deal. They have secured a staggering $525 million construction loan aimed at bringing to fruition a towering 55-story skyscraper in the heart of Court Square. This ambitious project was made possible through the strategic partnership with financial giants like Madison Realty Capital, Kushner Companies, and OneIM, marking a noteworthy collaboration in the real estate sector.

The financing structure consists of $425 million from Madison Realty Capital, a leading private equity firm specializing in commercial real estate, complemented by $100 million from Kushner Companies, a well-regarded player in real estate development and management. With the backing of OneIM as a capital partner, the developers are set to create 636 new residential units that will cater to the ever-growing demand for housing in this vibrant neighborhood.

A Journey of Development



The vision for this skyscraper has been years in the making. Charney and Tavros began their journey back in 2016, meticulously acquiring contiguous properties to assemble the necessary land for this venture. Their efforts culminated in 2022 with the acquisition of a critical parcel from Toyoko Inn for $68.5 million, thus completing the assemblage essential for the new condominium.

Sam Charney, Principal at Charney Companies, expressed his enthusiasm: “The opportunity to create new condos in one of the most electric neighborhoods in Queens has been a journey of perseverance, challenging work, and vision, all supported by a world-class team of professionals and our financial partners. Our dream is now becoming a reality, with construction beginning immediately.”

Architectural Excellence



The architectural vision for this landmark skyscraper has been entrusted to FXCollaborative, a reputable design firm known for its innovative designs. The building is set to offer a range of living options, featuring studios, one-, two-, three-, and four-bedroom homes. In addition to residential units, the project will include premier amenities such as a top-tier grocery store and Chelsea Piers Fitness at the building's podium, promising a comprehensive lifestyle experience for future residents.

Construction is scheduled to kick off in June 2025, with a projected completion date in the spring of 2028. Nicholas Silvers, Founding Partner of Tavros, shared his excitement regarding the project’s location, stating, “We’re very excited to commence construction on our Court Square building, set in a spectacular location with wide-ranging views of Manhattan, Brooklyn, Queens, the East River, and its bridges.”

Strategic Location



The site’s strategic location is another compelling aspect of the project. Court Square is a hub for public transportation, with convenient access to several subway lines, including the 7, G, E, M, N, and R trains. Additionally, the area is well-connected by numerous bus routes and is just steps away from the Long Island Railroad. The proximity to a diverse array of restaurants, cultural institutions like MoMA PS1, and green spaces further enhances the neighborhood’s appeal.

Fa Park, CEO of Incoco Capital, emphasized the significance of this development, noting, “We have a longstanding relationship with both Charney Companies and Tavros and trust their vision for 24-19 Jackson Avenue. With notable retail partners already signed on and an impressive design from FXCollaborative, this project will undoubtedly be a welcome addition to Long Island City.”

Josh Zegen, Managing Principal of Madison Realty Capital, echoed this sentiment, highlighting the importance of the project in providing more affordable housing options while enriching the local community with new amenities. “This transaction reflects our commitment to supporting best-in-class developments throughout New York City,” Zegen stated.

Matt Burrows, Managing Director at Kushner, remarked on the developers' past successes with projects in the area, affirming confidence in the prospective success of the Court Square building. With exceptional planning, a strong partnership network, and an innovative vision, Charney Companies and Tavros are set to make a notable impact on the Long Island City skyline and its community.

Concluding Thoughts



As the construction of this skyscraper kicks off, it symbolizes not just growth in real estate but a shift towards enhancing the quality of urban living in Long Island City. The mixed-use nature of the project, combining residential units with commercial facilities, epitomizes the modern approach to urban development aimed at creating vibrant, integrated communities in New York City. As this vision unfolds, the anticipation for what this new precinct will bring is palpable, paving the way for a transformative urban living experience.

For more information on Charney Companies and Tavros, visit their respective websites, where you can find insights into their ongoing projects and future developments.

Topics General Business)

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