Incoco Capital Secures $525 Million for New Skyscraper in Long Island City
In an exciting development for New York's skyline,
Incoco Capital, alongside its development partners
Tavros and
Charney Companies, has announced a substantial $525 million construction loan. This financing will support the ambitious project set to rise at
24-19 Jackson Avenue and 45-03 23rd Street in
Court Square, Long Island City. The new structure, a
55-story condominium, aims to significantly enhance the residential landscape of the vibrant Long Island City neighborhood.
Financing Details and Project Overview
The financial backing comes primarily from
Madison Realty Capital, which provided
$425 million, with additional support of
$100 million coming from
Kushner Companies and
OneIM. This investment will enable the construction of
636 new residential units, catering to a diverse range of potential residents from various backgrounds.
Fa Park, the Chairman and Founder of Incoco Capital, expressed optimism about the partnership with seasoned developers and institutional investors, remarking on their past successes in New York. He mentioned that they are also pursuing
EB-5 immigration program opportunities, which can facilitate job creation and economic growth tied to this project.
Project Development History
The site itself underwent significant expansion in 2022 when Incoco Capital acquired extra land previously held by the Japanese hotel chain
Toyoko Inn for about
$68.5 million, effectively doubling the size of the project. Since 2016, Tavros and Charney have been assembling the original site, showcasing a long-term commitment to developing this key location.
The project is being designed by the renowned architectural firm
FX Collaborative, ensuring that it meets modern design standards and resident expectations. Plans reveal a variety of unit types, from studios to four-bedroom residences, providing options for various family configurations and lifestyle choices. Noteworthy amenities are part of the package—
Chelsea Piers Fitness is set to occupy part of the building for 30 years, along with a
Whole Foods store planned for 15 years, offering convenience for future residents.
Construction Timeline and Impact
The construction is slated to kick off in
June 2025, with an estimated completion time set for
spring 2028. Nicholas Silvers, a founding partner at Tavros, commented on the location's advantages, stating that it offers breathtaking views of Manhattan, Brooklyn, and Queens, thus promising a desirable living setting for residents.
Sam Charney from Charney Companies also shared excitement over the project, characterizing the endeavor as a realization of their longstanding vision to create quality housing in one of the most dynamic neighborhoods within Queens. Indeed, the development is expected to foster a sense of community by providing not only residential units but also shared spaces that promote interaction.
Key Players and Development Strategy
Both Madison Realty Capital and Kushner have signed on as financial supporters, reflecting their commitment to enhancing urban living in the New York region. Josh Zegen from Madison praised the project for its capacity to introduce affordable housing alongside high-quality amenities, demonstrating a holistic approach to real estate development.
The project is strategically located at a transportation crossroads, with access to multiple subway lines (7, G, E, M, N, and R), making it an ideal choice for commuters. Other nearby attractions include an array of dining options, parks, and cultural sites such as
MoMA PS1, which enrich the community landscape.
With these developments underway, Court Square is well on its way to becoming a leading example of the transformative power of urban development, blending luxury living with affordability and community engagement, promising a bright future for Long Island City residents.
For more information on Incoco Capital and its projects, please visit
Incoco Capital.