Developers Charney Companies and Tavros, in partnership with Incoco Capital, have lined up $525 million in construction loan financing to develop 24-19 Jackson Ave. and 45-03 23rd St. in Court Square, a 55-story skyscraper soon to begin rising in Long Island City. A formal name for the residential condominium project hasn’t been determined.
The project has gotten $425 million in backing from Madison Realty Capital and $100 million from Kushner and OneIM. It will bring 636 new condo units to the neighborhood. The Greystone Capital Advisors structured finance team advised 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. “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.
Rendering courtesy of FX Collaborative.
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