55-story Long Island City condo with over 600 units moves ahead
A massive 55-story condo tower with over 600 homes in Long Island City is moving forward after developers secured $525 million in construction financing. Charney Companies and Tavros, in partnership with Incoco Capital, announced this week funding for a 636-unit development at 24-19 Jackson Avenue and 45-03 23rd Street in the Court Square section of the neighborhood. The developers received $425 million from Madison Realty Capital and an additional $100 million from Kushner Companies and OneIM.
Designed by FXCollaborative, the currently unnamed Long Island City project will offer a mix of studios, one-, two-, and three-bedroom homes. Along with a suite of premier amenities, the development will include a grocery store and a Chelsea Piers Fitness center occupying the building’s podium.
Construction will kick off this month and wrap up in the spring of 2028, according to the developers.
Charney and Tavros began acquiring properties for the high-rise in 2016, eventually securing seven adjacent townhouses along with air rights for two additional properties. The acquisition was completed in 2022 with the purchase of a neighboring site from Toyoko Inn for $68.5 million, finalizing the land needed for the condo tower.
As the Real Deal reported, Toyoko Inn spent $26 million acquiring parcels between 2007 and 2014 ahead of filing plans for a 50-story hotel with 1,200 rooms. The project never got started.
“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,” Sam Charney, principal at Charney, said. “Our dream is now becoming a reality, with construction beginning immediately.”
Located in transit-rich Court Square, the project is close to the 7, G, E, M, N, and R trains, as well as the Long Island Rail Road. Numerous bus routes are also available nearby.
The project continues Charney and Tavros’ partnership in developing new housing across the five boroughs. In May, the developers obtained $174.5 million in financing for 175 Third Avenue in Gowanus, a roughly one-million-square-foot project that will add 1,000 new apartments to the neighborhood as part of their larger Gowanus Wharf development.
Upon completion, the building will make Charney and Tavros the largest property owners in the area, with over two million square feet and 2,200 residences across Gowanus, as 6sqft previously reported.
“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,” Matt Burrows, managing director at Kushner, said.
“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.”
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