**Charney, Tavros Secure $525M Financing for Long Island City Condo Project**
Developers Charney Companies and Tavros, in partnership with Incoco Capital, have secured $525 million in construction loan financing for a major residential tower planned for Long Island City. The development, located at 24-19 Jackson Avenue and 45-03 23rd Street in the Court Square neighborhood, will be a 55-story skyscraper. A formal name for the condominium project has yet to be announced.
The financing includes $425 million in backing from Madison Realty Capital and an additional $100 million from Kushner and OneIM. Once completed, the project will bring 636 new condo units to the growing Queens neighborhood. Greystone Capital Advisors’ structured finance team advised the development partners in arranging the funding.
Charney and Tavros began assembling the site for the Court Square project 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 at Charney Companies.
(Rendering courtesy of FX Collaborative)
