NEW YORK CITY — A partnership between two locally based firms, Charney Cos. and Tavros, has received $525 million in construction financing for a 55-story multifamily tower that will be located in the Long Island City area of Queens. Greystone arranged the financing, which consists of $425 million in debt from Madison Realty Capital and $100 million in equity from Kushner and OneIM. Plans call for 636 condos in studio, one-, two- and three-bedroom formats, as well as Class A amenities and retail space that will be occupied by grocery and fitness users. A formal name for the project, which will be located at 24-19 Jackson Ave. and 45-03 23rd St. in the Court Square area, has not yet been determined. FXCollaborative designed the building, completion of which is slated for 2028.
Charney and Tavros spent the better part of a decade assembling sites for the Court Square high-rise building, ultimately buying seven contiguous townhouse properties, along with air rights from two other properties. The purchase of the adjacent parcel in 2022 from Toyoko Inn for $68.5 million completed the assemblage needed for the project.
Charney, Tavros Receive $525M in Construction Financing for 55-Story Multifamily Tower in Queens
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