Major Investment Secured for Skyscraper Development in Long Island City

News Summary

A $625 million investment has been secured for a new 55-story skyscraper development in Long Island City at the intersection of Jackson Avenue and 23rd Street. The project, backed by Incoco Capital, Tavros, and Charney Companies, will bring 636 new condominium units to the area and is set to break ground in June 2025, with completion expected in spring 2028. With new amenities and job opportunities, this project is poised to significantly boost the local economy.

Major Investment Secured for New 55-Story Skyscraper Development in Long Island City

A significant new development is set to reshape the skyline of Long Island City with the announcement of a new 55-story skyscraper. The project is spearheaded by Incoco Capital, Tavros, and Charney Companies, and will be located at the intersection of 24-19 Jackson Avenue and 45-03 23rd Street. Construction is projected to commence in June 2025, with completion anticipated by spring 2028.

The development has garnered substantial financial backing, securing a total of $625 million in construction loans. This includes $425 million from Madison Realty Capital, along with $100 million from Kushner Companies, supplemented by additional funds from OneIM. This robust financial framework is expected to support the ambitious plans for the skyscraper.

The towering structure will introduce 636 new condominium units to the Long Island City area, significantly boosting housing options in the neighborhood. These units will encompass a variety of designs, ranging from cozy studios to spacious four-bedroom apartments, appealing to a broad spectrum of potential residents.

The architectural vision for the skyscraper is being crafted by FX Collaborative, known for its innovative designs. The development is not just about residential space, as it aims to enhance the sense of community by incorporating an array of amenities. Future residents can look forward to a fitness center operated by Chelsea Piers Fitness, which is planned to be in operation for the next 30 years. Additionally, a Whole Foods grocery store will be part of the development, providing convenient shopping options for families and individuals alike for the next 15 years.

The location of the project within Long Island City is particularly noteworthy. Nestled in the dynamic Court Square area, the site is recognized as a transit hub, conveniently connecting residents to multiple subway lines, including the 7, G, E, M, N, and R trains, as well as close proximity to the Long Island Railroad. This accessibility ensures that future residents will have a straightforward commute to various parts of New York City.

In addition to its residential units, the project aims to support the local economy through job creation during both the construction phase and once the building is operational. Incoco Capital has expressed willingness to explore EB-5 investment opportunities, which can further enhance the economic impact of the development in the community.

In making this announcement, the driving teams behind the project have underscored the importance of integrating luxury living with a focus on community enhancement. By incorporating affordable housing units alongside the luxury condominiums, the development aspires to cater to a diverse demographic, reassuring that there will be high-quality amenities available for all residents.

As the plans come together, excitement continues to build around this significant project. Its distinctive design, alongside the inclusion of essential services such as a modern fitness center and a grocery store, positions the skyscraper as a landmark in the vibrant and diverse Long Island City community.

Upon completion, this development is expected to be more than just a new place to live; it aims to be a centerpiece for community engagement, lifestyle enhancement, and accessibility to key amenities, fostering a sense of belonging and pride among residents.

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Additional Resources

• New York YIMBY: 44-Story Skyscraper Revealed for Long Island City
• 6sqft: Long Island City Skyscraper Opens Lottery for Affordable Apartments
• LIC Post: Tallest Building in Queens Tops Out
• Architectural Digest: What Makes NYC’s Skyline So Iconic
• Law360: NYC Skyscraper Developers Land $525M Loan
• Wikipedia: Skyscraper
• Google Search: New York City Skyscraper Development
• Google Scholar: Real Estate Development New York
• Encyclopedia Britannica: New York City
• Google News: Long Island City Skyscraper