Court Square to gain 636-unit, 55-story condo tower after developers secure $525M loan

The planned 55-story skyscraper at 24-19 Jackson Ave. and 45-03 23rd St. in Court Square of Long Island City. Rendering courtesy of FXCollaborative.

June 12, 2025 By Ethan Marshall

The real estate private equity firm Madison Realty Capital, the real estate development and management firm Kushner and the global investment manager OneIM have combined to provide a $525 million construction loan to Charney Companies and Tavros to assist in their development of a 55-story, 636-unit skyscraper in the Court Square section of Long Island City.

Construction of the building, located at 24-19 Jackson Ave. and 45-03 23rd St., is set to begin in June 2025. The skyscraper, developed by FXColaborative, is expected to be fully constructed by the spring of 2028.

Charney Companies and Tavros are developing the skyscraper in partnership with the private equity firm Incoco Capital.

“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,” Charney Companies Principal Sam Charney said. “Our dream is now becoming a reality, with construction beginning immediately.”

24-19 Jackson Ave. Via Google Maps

The skyscraper’s units will range in size from studios to four-bedroom households. The podium of the building will have a grocer and a Chelsea Piers Fitness.

“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,” Tavros Founding Partner Nicholas Silvers said. “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.”

Madison Realty Capital is providing $425 million of the loan, while Kushner and OneIM are providing the other $100 million. The exclusive advisor that arranged the financing was the Greystone Capital Advisors finance team.

“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,” Madison Realty Capital Managing Principal and Co-Founder Josh Zegen said. “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 future property is located right by the Court Square and 21st Street subway stations, which both service the G train, the Queensboro Plaza subway station, which services the 7, N and W trains, the Vernon Boulevard-Jackson Avenue and Hunters Point Avenue subway stations, which service the 7 train, and the Hunters Point Avenue Long Island Rail Road station. There are also bus stops in the area for the Q32, Q39, Q60, Q67, Q69, Q100, Q103, B32 and B62 lines.

“The building is located at the nexus of Manhattan, Queens and Brooklyn, and the neighborhood is primed for a stunning new property,” Kushner Managing Director Matt Burrows said. “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.”

Other notable nearby features include MoMA PS1 and other museums, as well as several restaurants and shopping outlets. There are also multiple parks in the area, including the Murray Playground, Dutch Kills Green and the Notorious LIC Park. Schools close to the site include the Apex Technical School, LaGuardia Community College and Bard High School Early College Queens.

“We have a longstanding relationship with both Charney Companies and Tavros and trust their joint vision for 24-19 Jackson Ave..,” Incoco Capital Founder and CEO Fa Park said. “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.”