Developers Charney Companies and Tavros, in partnership with Incoco Capital, recently announced Madison Realty Capital, Kushner Companies, and OneIM have provided significant construction loan financing for its development of 24-19 Jackson Avenue and 45-03 23rd Street in Court Square, a 55-story skyscraper which will soon begin rising in Long Island City. The formal name for the building has not yet been determined.
Financed with $425 million in backing from Madison Realty Capital, a vertically integrated real estate private equity firm, along with $100 million from Kushner, a multi-generational real estate development and management firm, and OneIM, a global alternative investment manager and Kushner’s capital partner, the condominium will bring 636 new units to the already vibrant Long Island City neighborhood. The Greystone Capital Advisors structured finance team acted as the exclusive advisor on behalf of the Sponsors in arranging the financing for the project
Charney and Tavros spent years assembling properties for the Court Square high-rise, beginning in 2016. Eventually, they bought seven contiguous townhouse properties, along with air rights from two other properties. The purchase of the adjacent parcel in 2022 from Toyoko Inn for $68.5 million completed the assemblage needed for the condominium.
“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, colleagues and of course, our financial partners,” said Sam Charney, Principal, Charney Companies. “Our dream is now becoming a reality, with construction beginning immediately.”
Architecture for the massive structure has been designed by FXCollaborative and will feature studios, one-, two-, three- and four-bedroom homes. In addition to offering a premier amenities package, a best-in-class grocer and Chelsea Piers Fitness will occupy the building’s podium. Construction will begin in June of 2025 and conclude in the spring of 2028.
“We’re very excited to commence construction on our Court Square building, which is set in a spectacular location with wide ranging views of Manhattan, Brooklyn, Queens, the East River and its bridges,” said Nicholas Silvers, Founding Partner of Tavros. “This is an extremely exciting time for us, and we’re grateful to both Madison Realty Capital and to Kushner for sharing in this exhilarating project.”
“We have a longstanding relationship with both Charney Companies and Tavros and trust their joint vision for 24-19 Jackson Avenue,” said Fa Park, CEO and Founder of Incoco Capital. “With preeminent retail partners already signed on and an impressive, innovative design from FXCollaborative, we know this project will be a welcome addition to Long Island City and are proud to a play a role in its creation.”
“We are pleased to provide financing to Charney and Tavros, repeat borrowers with significant experience delivering luxury projects across Manhattan, Brooklyn, and Queens, for a development that will bring affordable housing units in addition to a premier grocer and fitness experience to the already vibrant and diverse Long Island City community,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “This transaction reflects Madison Realty Capital’s commitment to supporting best-in-class developments and providing innovative financing solutions to advance transformative projects throughout New York City.”
“The building is located at the nexus of Manhattan, Queens, and Brooklyn, and the neighborhood is primed for a stunning new property,” said Matt Burrows, Managing Director, Kushner. “Charney and Tavros have a stellar record with projects such as The Dime in Williamsburg, The Jackson in LIC, and the five Gowanus Wharf residences currently in development. With the backgrounds and the reputations that the two developers share, we are confident that Court Square will be another well received and successful addition to the continuously evolving neighborhood.”
A hub for public transportation, Court Square is conveniently located near the 7, G, E, M, N, and R trains. Buses abound, with routes through Brooklyn, Queens and Manhattan. The Long Island Railroad is steps away, as are great restaurants for all wallet sizes, MoMA PS1 and other museums, parks and shopping.
