Long Island City 636-Unit Residential Condo Project Secures $525M Construction Loan
Co-developers Charney Companies and Tavros, in partnership with Incoco Capital have secured a $525 million construction loan for a planned 636-unit residential condominium at 24-19 Jackson Avenue and 45-03 23rd Street in the Court Square section of Long Island City. Madison Realty Capital provided $425 million and Kushner Companies and OneIM provided the remaining $100 million in combined funding. The project has already attracted Chelsea Piers Fitness, which signed a lease in July 2023 to serve as anchor retail tenant in 72,000 square feet. Assemblage of the site began in 2016 and 2017 with the purchase of four adjacent two- and three-family properties at 45-03, 45-05, 45-07, and 45-09 23rd Street for a combined total of $15.25 million according to city records, and in December 2020, 89,034 square feet of un-used development rights were purchased for an undisclosed price from the owner of 24-29 and 24-23 Jackson Avenue. The approximately 20,725-square-foot site at 24-19 Jackson Avenue was acquired in July 2022 for $68.325 million from Toyoko Inn, after plans to construct a 50-story, 260,857-square-foot hotel stalled. The Japan-based hotel operator had acquired an 8-parcel assemblage through multiple transactions between the years of 2007 and 2014 for roughly $26.229 million. Construction is expected to break ground on the approximately 28,000-square-foot site before the end of June 2025, delivering a 676-foot-tall structure upon anticipated delivery by spring 2028.