Manhattan Bridge Capital Supports $625 Million Skyscraper Project in Long Island City

Significant Development Financing Secured for Long Island City Skyscraper

In a notable advancement for urban development in Long Island City, Incoco Capital, in collaboration with Tavros and Charney Companies, secures a substantial construction loan package totaling $625 million for their ambitious skyscraper project at 24-19 Jackson Avenue and 45-03 23rd Street. With a financing structure that includes $425 million from Madison Realty Capital, $100 million from Kushner Companies, and additional contributions from OneIM, the venture aims to erect a 55-story building that will introduce 636 new condominium units to the increasingly dynamic neighborhood. This project reflects not only a significant investment in real estate but also an opportunity to transform the local economic landscape.

Fa Park, Chairman and Founder of Incoco Capital, expresses enthusiasm for the project's potential to stimulate economic growth and create jobs in the area. He notes the company’s exploration of EB-5 investment opportunities, which could further enhance funding and attract international investors. This strategic financial backing is critical as the site’s previous development, completed in 2022, expands with the recent acquisition of additional land from Japanese hotel chain Toyoko Inn for approximately $68.5 million. This acquisition effectively doubles the original site size cultivated by Tavros and Charney since 2016, making the upcoming skyscraper a cornerstone of Long Island City’s real estate evolution.

The architectural design of the skyscraper is led by FX Collaborative, which envisions a diverse residential offering ranging from studio apartments to four-bedroom units. The development is also set to feature premier amenities, such as a 30-year lease to Chelsea Piers Fitness and a 15-year lease to Whole Foods, which will enhance the living experience and attract prospective buyers. With construction slated to begin in June 2025 and expected completion by spring 2028, Park emphasizes the excitement surrounding the groundbreaking, highlighting the project's exceptional location and its contributions to the vibrant urban community of Long Island City.

In addition to the construction financing, the strategic partnership between Incoco Capital and its development collaborators signifies a growing trend of large-scale projects in urban areas, indicating a robust demand for housing and amenities in densely populated regions. The inclusion of high-end facilities within the development points to a shift towards lifestyle-oriented urban living, catering to an increasingly diverse population looking for both convenience and quality.

The project stands as a testament to the ongoing transformation of Long Island City, which has experienced rapid growth and development over the past decade. As the area continues to evolve, projects like this skyscraper play a pivotal role in shaping the community, enhancing economic opportunities, and establishing Long Island City as a desirable destination for both residents and businesses alike.