Charney, Tavros Line Up $525M Financing for Long-Planned LIC Condos

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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