News Summary
Charney Cos. and Tavros have obtained a $525 million construction loan to build a 55-story skyscraper in Long Island City, featuring 636 residential units. Construction starts soon with completion expected by spring 2028. The project, which includes diverse housing options and amenities like a fitness center and grocery store, aims to enhance the community’s vibrancy and connectivity to public transport, catering to growing housing demands in urban areas.
New York – Two developers, Charney Cos. and Tavros, have secured a $525 million construction loan for a new 55-story skyscraper in Long Island City. The skyscraper will be situated at 45-03 23rd St. and 24-19 Jackson Ave. and is projected to contain 636 residential units, offering a variety of living options from studios to four-bedroom apartments. Construction is slated to commence immediately, with an expected completion date of spring 2028.
The funding for this ambitious project consists of $425 million sourced from Madison Realty Capital, while $100 million comes from a partnership involving Kushner Cos. and OneIM. Charney Cos. and Tavros have collaborated successfully in the past on other real estate ventures, including numerous projects in Gowanus. They are partnering with Incoco Capital for this latest undertaking.
The land designated for the new skyscraper was assembled over several years, with purchases starting in 2016 and culminating in 2022, amounting to over $68 million from the Toyoko Inn. The financing structure for the project was arranged by Greystone Capital Advisors.
This new skyscraper aims to enhance the vibrant fabric of Long Island City, an area known for its diversity and dynamic community. The project will come equipped with amenities that appeal to future residents and the surrounding community, including a Chelsea Piers Fitness facility and a grocery store, providing accessible options for fitness and everyday needs.
One of the key features of the development is its strategic connectivity to public transportation, being located near multiple subway stations, including the G, 7, N, and W lines. Additionally, it offers convenient access to Long Island Rail Road services, ensuring that residents will have efficient commutes to Manhattan and beyond.
Beyond transportation, Long Island City is rich in local amenities. Residents will find cultural attractions such as MoMA PS1, an array of restaurants, shopping outlets, and several parks, including Murray Playground and Dutch Kills Green. Educational institutions in the vicinity encompass Apex Technical School, LaGuardia Community College, and Bard High School Early College Queens, adding to the area’s appeal for families and students alike.
Madison Realty Capital has expressed its commitment to funding transformative projects and providing innovative financing for developments across New York City. This latest project reflects the growing trend of new residential developments in urban areas, aimed at meeting the increasing demand for housing in desirable locations.
Long Island City has experienced significant growth in recent years, attracting both residents and businesses due to its unique blend of urban vibrancy and community spirit. The addition of this 55-story skyscraper is expected to further elevate the neighborhood’s profile, providing new housing opportunities and bolstering the local economy.
Deeper Dive: News & Info About This Topic
- Crain’s New York
- Wikipedia: Skyscraper
- LIC Post
- Google Search: Long Island City construction projects
- New York YIMBY
- Encyclopedia Britannica: Urban Development
- 6sqft
- Google News: Long Island City real estate
