NEW YORK | 24–19 Jackson Avenue | 676 FT | 55 FLOORS

[ChiND]

This looks great!

[NYguy]

https://commercialobserver.com/2025/06/525m-construction-financing-long-island-city-condo-tower/

Madison Realty Capital Leads $525M Financing for Long Island City Resi Tower Build
Developers for 55-story condo project added a $100 million preferred equity investment from Kushner Companies as part of the deal. .


BY ANDREW COEN
JUNE 10, 2025

Developers Tavros Capital and Charney Companies in partnership with Incoco Capital have landed $525 million of construction financing plus a new equity partner for their 55-story residential tower project in Long Island City, Queens, Commercial Observer has learned.

Madison Realty Capital provided a $425 million loan for the 600-unit condominium project at 24-19 Jackson Avenue in Long Island City’s Court Square area, according to the development team. Kushner Companies and its capital partner, OneIm, also supplied a $100 million preferred equity investment as part of the deal that closed Tuesday afternoon.

In addition to the residential component, the FX Collective-designed development will also include roughly 80,000 square feet of retail space featuring Chelsea Piers Fitness and Whole Foods. Chelsea Piers Fitness inked a 72,000-square-foot lease at the property in July 2023.

Justin Pelsinger, chief operating officer at Charney Companies, noted that the COVID-19 pandemic led to hotel plans at the site getting scrapped, which created a unique opportunity for a large-scale mixed-use development.

“What that allowed for was these massive floor plates, which brought in Whole Foods, and Chelsea Piers, which are going to turn into these unbelievable amenities for the area that, frankly, couldn’t have really happened had we not combined the two sites and created a 30,000-square-foot floor plate,” Pelsinger told CO. “All in all, it actually ends up working out for the better and to create a significantly improved site, not just for the owners but also residents and people in the area.

The project is set to break ground this month and is slated for completion in spring 2028. Community amenities in the building have not been announced.

[BuildThemTaller]

Great news! I go past this lot all the time and noticed new fencing recently. I'm glad to see that it will finally be developed. With all the towers up near Queensboro Plaza nearing the finish mark, this was one of the next major lots to be developed.

[Crawford]

And the addition of Whole Foods & Chelsea Piers will be huge for LIC's residential demand.

[BuildThemTaller]

Originally Posted by Crawford

And the addition of Whole Foods & Chelsea Piers will be huge for LIC's residential demand.

Yeah I don't think LIC needs any additional juice for its residential demand. If anything, this will help with commercial demand. There are a ton of restaurants in the neighborhood but few shops. Whole Foods and Chelsea Piers may attract more people that will stop off at Court Square on the way to/from Western Queens and Manhattan. What this neighborhood needs is more shops. There aren't any places to buy clothes, for example.

[chris08876]

Credit: AndreyD

[chris08876]

Development Trio Breaks Ground on Long Island City Condo Tower

Incoco Capital, Tavros and Charney Cos. have celebrated the groundbreaking of a 55-story condominium tower in Long Island City, N.Y.

The development, currently unnamed, will rise along the Court Square area of the city and is expected to come online in 2028.

The news comes after the development partners recently secured $535 million in construction funds. Madison Realty, Kushner Cos. and OneIM originated the loan in a deal arranged by Greystone Capital Advisors.

FXCollaborative designed the 700,000-square-foot skyscraper. Set to include 636 units, the building will rise at 24-19 Jackson Ave. and 45-03 23rd St. Floorplans will include studios and one- to four-bedroom apartment units. Amenities will feature a rooftop with a swimming pool, tenant lounge spaces and bike storage. The tower’s podium will also include a 75,000-square-foot Whole Foods store and a Chelsea Piers Fitness center.

Charney Cos. and Tavros spent years assembling the development site for this project, starting by acquiring seven townhouse properties along with air rights from two other buildings in 2016. The property collection was completed in 2022, when Incoco Capital bought additional land from Toyoko, a Japanese hotel chain, thus doubling the size of the original development site.

The condo high-rise will rise in the Court Square area, a transit hub located near the 7, G, E, M, N and R subway lines, allowing easy access to Queens, Brooklyn and Manhattan. Situated in an area with multiple restaurants, retail options, green spaces and museums such as MoMA PS1, the tower is within 3 miles from Midtown Manhattan, 7 miles from the Financial District and 14 miles from John F. Kennedy International Airport.

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https://www.multihousingnews.com/development-trio-breaks-ground-on-long-island-condo-tower/

[chris08876]

Credit: psylock

[fleonzo]

Originally Posted by chris08876

Credit: psylock

FYI- I drove by there last night and they closed off the side walk and started a street barrier. This should probably be put into the Under Construction thread.

[chris08876]

Yes sir!

We will see much more with the LIC rezoning. Exciting times ahead for the area.

[chris08876]

Lots of activity at the site.

[chris08876]

Credit: Michael Young via NYY

[Doubleu1117]

So I guess both of the other structures on the block will remain standing. The small little 2 story on 23rd St. with the red cornice gets to stay.

[Busy Bee]

Correct.


___

The triangular building will likely eventually give way to shorter tower down the road and the little red cornice fella might be a blessing in disquise as it could allow the MTA to build another entry/exit for the Flushing bound side of the station.

[chris08876]

Credit: JC_Heights

[BuildThemTaller]

From reddit...

https://old.reddit.com/r/longislandcity/...t_square_residential_tower_construction/

Not sure how to post that image here, but you can follow the link.

[chris08876]

55-Story Skyscraper Readies for Vertical Construction at 24-19 Jackson Avenue in Long Island City, Queens

Construction is about to go vertical at 24-19 Jackson Avenue, a 55-story residential skyscraper in the Court Square section of Long Island City, Queens. Designed by FXCollaborative and developed by Charney Companies and Tavros Capital in partnership with Incoco Capital, the 676-foot-tall structure will yield 600 apartments and 10,000 square feet of retail space. The 18,000-square-foot property is bounded by 45th Avenue to the north, Jackson Avenue to the southeast, and 23rd Street to the west.

Below-grade work has progressed steadily since our last update in December, when foundations were just getting underway and pilings were still visible. Several sections of the concrete slab have been poured around the core, and rebar protrudes at the locations of the inner walls and perimeter columns. Only a handful of excavators remain on site along the edges of the irregularly shaped property. YIMBY expects the superstructure to rise above street level later this spring.

================
NYY

[chris08876]

Credit: Nickfloyo