Manhattan Bridge Capital Supports $425M Skyscraper Development in Long Island City

Significant Construction Financing Deal Fuels Long Island City Development

In a landmark move, Charney Companies and Tavros, in collaboration with Incoco Capital, secure a substantial $425 million construction financing deal for a transformative development project in Long Island City, New York. This project, which involves the construction of a 55-story skyscraper at the intersection of 24-19 Jackson Avenue and 45-03 23rd Street, aims to create 636 condominium units that cater to the growing demand for housing in the vibrant neighborhood. The financing, provided by Madison Realty Capital, is complemented by an additional $100 million contribution from Kushner Companies and further backing from OneIM, underscoring the confidence investors have in this ambitious undertaking.

The elaborate financing structure was orchestrated by Greystone Capital Advisors, who acted as exclusive financial advisors for the sponsors. This strategic partnership has been in the making since 2016, when Charney and Tavros began acquiring the necessary properties for the project. Their efforts culminated in the purchase of seven contiguous townhouse properties and air rights, with the acquisition of an adjacent parcel from Toyoko Inn for $68.5 million in 2022 serving as a pivotal milestone. Sam Charney, Principal of Charney Companies, reflects on the project with enthusiasm, highlighting the perseverance and teamwork that have driven this initiative forward.

Designed by FXCollaborative, the architectural vision for the skyscraper includes a diverse range of residential units, from studios to multi-bedroom configurations, all complemented by premium amenities. Notably, the building's podium will house a leading grocery store and Chelsea Piers Fitness, ensuring that residents have access to essential services and recreational options. Construction is set to commence in June 2025, with completion anticipated by spring 2028. This significant development not only demonstrates the commitment of Charney and Tavros to enhancing Long Island City’s urban landscape but also reflects the area’s ongoing transformation into a dynamic urban center.

Urban Transformation and Community Impact

As this project unfolds, it is poised to play a crucial role in the ongoing transformation of Long Island City into a bustling urban environment. The introduction of 636 condominium units will significantly contribute to the housing stock in an area that is increasingly attractive to both residents and businesses. The integration of retail and fitness options within the development further enhances its appeal, fostering a sense of community and convenience for future residents.

In a broader context, this financing deal highlights the growing interest and investment in urban development projects across metropolitan areas. As cities continue to evolve, the collaboration of diverse stakeholders—from construction firms to financial institutions—will be vital in shaping the future of urban living.