CO-DEVELOPERS CHARNEY COMPANIES AND TAVROS SECURE $525M CONSTRUCTION LOAN ON 55-STORY SKYSCRAPER IN LIC'S COURT SQUARE

Financing Provided by Madison Realty Capital, Kushner, and OneIM

LONG ISLAND CITY, N.Y., June 11, 2025 /PRNewswire/ -- Developers Charney Companies and Tavros, in partnership with Incoco Capital, today announced Madison Realty Capital, Kushner Companies, and OneIM have provided significant construction loan financing for its development of 24-19 Jackson Avenue and 45-03 23^rd Street in Court Square, a 55-story skyscraper which will soon begin rising in Long Island City. The formal name for the building has not yet been determined.

Financed with $425 million in backing from Madison Realty Capital, a vertically integrated real estate private equity firm, along with $100 million from Kushner, a multi-generational real estate development and management firm, and OneIM, a global alternative investment manager and Kushner's capital partner, the condominium will bring 636 new units to the already vibrant Long Island City neighborhood. The Greystone Capital Advisors structured finance team acted as the exclusive advisor on behalf of 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. Eventually, they bought 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 condominium.

"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. "Our dream is now becoming a reality, with construction beginning immediately."

Architecture for the massive structure has been designed by FXCollaborative and will feature studios, one-, two-, three- and four-bedroom homes. In addition to offering a premier amenities package, a best-in-class grocer and Chelsea Piers Fitness will occupy the building's podium. Construction will begin in June of 2025 and conclude in the spring of 2028.

"We're very excited to commence construction on our Court Square building, which is set in a spectacular location with wide ranging views of Manhattan, Brooklyn, Queens, the East River and its bridges," said Nicholas Silvers, Founding Partner of Tavros. "This is an extremely exciting time for us, and we're grateful to both Madison Realty Capital and to Kushner for sharing in this exhilarating project."

"We have a longstanding relationship with both Charney Companies and Tavros and trust their joint vision for 24-19 Jackson Avenue," said Fa Park, CEO and Founder of Incoco Capital. "With preeminent retail partners already signed on and an impressive, innovative design from FXCollaborative, we know this project will be a welcome addition to Long Island City and are proud to a play a role in its creation."

"We are pleased to provide financing to Charney and Tavros, repeat borrowers with significant experience delivering luxury projects across Manhattan, Brooklyn, and Queens, for a development that will bring affordable housing units in addition to a premier grocer and fitness experience to the already vibrant and diverse Long Island City community," said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. "This transaction reflects Madison Realty Capital's commitment to supporting best-in-class developments and providing innovative financing solutions to advance transformative projects throughout New York City."

"The building is located at the nexus of Manhattan, Queens, and Brooklyn, and the neighborhood is primed for a stunning new property," said Matt Burrows, Managing Director, Kushner. "Charney and Tavros have a stellar record with projects such as The Dime in Williamsburg, The Jackson in LIC, and the five Gowanus Wharf residences currently in development. With the backgrounds and the reputations that the two developers share, we are confident that Court Square will be another well received and successful addition to the continuously evolving neighborhood."

A hub for public transportation, Court Square is conveniently located near the 7, G, E, M, N, and R trains. Buses abound, with routes through Brooklyn, Queens and Manhattan. The Long Island Railroad is steps away, as are great restaurants for all wallet sizes, MoMA PS1 and other museums, parks and shopping.

About Charney Companies:
Founded in 2013, Charney Companies is a fully integrated real estate development, construction, brokerage, and management firm with a focus on developing, owning, and operating first-class residential and commercial real estate in the New York City Metro area. From ground-up construction to adaptive reuse and value-add repositioning, Charney plays an integral role in all aspects of the development process and leverages the expertise and experience of their principals to deliver superior products to the marketplace and best-in-class returns for their investors. Charney owns, operates, and is under construction on two million square feet throughout Brooklyn and Queens, and has won awards and accommodations from municipal organizations and media outlets for their work over the last 5 years. For more information, visit: https://charneycompanies.com/.

About Tavros:
Tavros is a privately-owned real estate investment management and development firm. They invest on a discretionary basis, with a strong focus on New York City, and a global investor base of family offices, trusts, high net worth individuals, and institutions. Core to the Tavros discipline is the quality of its partnerships with tenants, investors, and lenders. As an owner and property manager, Tavros aims to ensure a positive experience for its tenants through attention to detail and a focus on quality of life.

About Incoco Capital, LLC:
With a successful record of investment in both public and private markets, INCOCO CAPITAL, LLC has expanded its investment mandate to include the real estate sector. With a focus on the NY metropolitan area, INCOCO has invested in four substantial real estate development projects this year already.

About Madison Realty Capital:
Madison Realty Capital is a vertically integrated private equity firm focused on US-based commercial real estate private credit strategies. As of March 31, 2025, the firm, including its controlled affiliates (collectively, "Madison"), manages $23 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed $66 billion of securities and non-securities real estate transactions largely through direct lending to a wide range of borrowers, acquiring non-performing loans and making preferred equity investments. Madison Realty Capital seeks to deliver value across every phase of the property lifecycle by providing customized financing solutions and strong underwriting capabilities that meet borrowers' unique needs with speed and certainty of execution. To learn more, follow Madison Realty Capital on LinkedIn and visit www.madisonrealtycapital.com.

About Kushner:
Kushner is a multi-generational real estate development and management firm headquartered in New York City. The company's diverse portfolio encompasses residential, commercial, retail, hospitality, and industrial properties, with over 10,000 units currently under development and over 25,000 apartments under ownership across fourteen states. Kushner's integrated team touches upon every step of the development and management process for its properties, creating an unparalleled and seamless experience for their tenants, team members, and partners. 

About OneIM:
OneIM is a global alternative investment manager that invests across the capital structure, in a range of asset classes, industries and geographies. The firm applies a flexible investment approach and focuses on creating long-term value working with exceptional partners and management teams. OneIM is sector agnostic and focuses on situations where it can leverage its cross-asset class expertise and capital base to achieve differentiated risk-adjusted returns. The firm was founded in 2022 and currently manages approximately $7 billion in assets. The team operates from offices in Abu Dhabi, London, Tokyo and New York. https://www.oneimgroup.com/.

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