**Charney, Tavros Secure $525M Financing for Long-Planned LIC Condos**
Developers Charney Companies and Tavros, in partnership with Incoco Capital, have secured $525 million in construction financing for a major residential project at 24-19 Jackson Avenue and 45-03 23rd Street in Long Island City’s Court Square. The upcoming 55-story skyscraper will be a new addition to the LIC skyline and marks a significant milestone for the development team. A formal name for the residential condominium tower has not yet been announced.
The financing package includes $425 million in backing from Madison Realty Capital and $100 million from Kushner and OneIM. The development will deliver 636 new condominium units to the vibrant Queens neighborhood. Greystone Capital Advisors’ structured finance team advised the sponsors in securing the deal.
Charney and Tavros began assembling the development site in 2016, underscoring their long-term commitment to the project.
“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.
