Charney Companies And Tavros Secure $525 Million Construction Loan For 24-19 Jackson Avenue Project

The property asset involved is a mixed-use development located at 24-19 Jackson Avenue in Long Island City, featuring 600 condominium residences. This development is anticipated to contribute to the evolving skyline of Long Island City and includes an expansive amenity suite. Construction is expected to begin in June 2025, with completion projected for Spring 2028.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $525,000,000
• Lender: Madison Realty Capital, Kushner & One IM
• Landlord: Charney Companies & Tavros
• Landlord's Representative: Paul Fried, Drew Fletcher & Bryan Grover - Greystone Capital Advisors
• Loan Type: Construction
• Senior Debt Amount: $425 million
• Preferred Equity Amount: $100 million

The financing package for the project was arranged by Greystone Capital Advisors, and it is noted that Whole Foods and Chelsea Piers Fitness are slated to occupy the podium of the building. The design of the tower is being executed by FXCollaborative.