Development Trio Breaks Ground on Long Island City Condo Tower
Rising 55 stories, the project is scheduled to come online in 2028.
Incoco Capital, Tavros and Charney Cos. have celebrated the groundbreaking of a 55-story condominium tower in Long Island City, N.Y.
The development, currently unnamed, will rise along the Court Square area of the city and is expected to come online in 2028.
The news comes after the development partners recently secured $535 million in construction funds. Madison Realty, Kushner Cos. and OneIM originated the loan in a deal arranged by Greystone Capital Advisors.
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FXCollaborative designed the 700,000-square-foot skyscraper. Set to include 636 units, the building will rise at 24-19 Jackson Ave. and 45-03 23rd St. Floorplans will include studios and one- to four-bedroom apartment units. Amenities will feature a rooftop with a swimming pool, tenant lounge spaces and bike storage. The tower’s podium will also include a 75,000-square-foot Whole Foods store and a Chelsea Piers Fitness center.
Charney Cos. and Tavros spent years assembling the development site for this project, starting by acquiring seven townhouse properties along with air rights from two other buildings in 2016. The property collection was completed in 2022, when Incoco Capital bought additional land from Toyoko, a Japanese hotel chain, thus doubling the size of the original development site.
The condo high-rise will rise in the Court Square area, a transit hub located near the 7, G, E, M, N and R subway lines, allowing easy access to Queens, Brooklyn and Manhattan. Situated in an area with multiple restaurants, retail options, green spaces and museums such as MoMA PS1, the tower is within 3 miles from Midtown Manhattan, 7 miles from the Financial District and 14 miles from John F. Kennedy International Airport.
NYC condo projects underway
New York City’s luxury condo market is going through significant changes, as buyer preferences changed and new project trends are reshaping the landscape, according to SERHANT. The metro, particularly Manhattan, is facing a low inventory of available product, pushing prospective buyers to pay more for high-quality residences, while land is insufficient for new condominium development.
Since the start of the year, condo projects in the city include The Willow, a 69-unit luxury boutique tower in Manhattan, developed by Naftali Group. The property is expected to come online next year. Sales were launched in April, with prices starting at $1.2 million. During the same period, Nortco Development secured $170 million in construction financing for a 36-unit condo project in the borough’s Upper West Side.
A project scheduled to be delivered this year is One Park Row, a 62-unit tower currently underway in the borough’s Financial District. Circle F Capital is the developer behind the 25-story property, where condo prices start at $850,000.
