A transformative new addition to the Long Island City skyline is officially underway. On June 11, 2025, developers Charney Companies and Tavros, in collaboration with Incoco Capital, announced the successful close of a $525 million construction loan to fund a 55-story luxury condominium tower in Court Square. The tower—located at 24-19 Jackson Avenue and 45-03 23rd Street—will introduce 636 high-end residences to one of New York’s fastest-evolving districts.
The deal was led by Madison Realty Capital, which contributed $425 million, joined by Kushner Companies and its capital partner OneIM, contributing the remaining $100 million. Greystone Capital Advisors served as the exclusive advisor on the financing. With construction commencing this month and a projected completion in spring 2028, the as-yet-unnamed tower marks one of the most significant developments in Queens this decade.
The site represents a meticulous assemblage years in the making. Since 2016, Charney and Tavros have quietly acquired seven contiguous townhouses and multiple air rights, culminating in the pivotal 2022 acquisition of an adjacent parcel from Toyoko Inn for $68.5 million. The final site spans two prominent addresses in the heart of Court Square, positioning the development at a critical juncture of three boroughs: Manhattan, Queens, and Brooklyn.
“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. Our dream is now becoming a reality.”Sam Charney, Principal of Charney Companies
Designed by renowned architecture firm FXCollaborative, the building will rise above Court Square with a full suite of luxury residences, including studios and expansive one- to four-bedroom homes. True to the expectations of today’s luxury buyer, the development will feature a top-tier amenities package—while bringing in destination retail partners such as Chelsea Piers Fitness and a premier grocery concept to occupy the building’s podium.
The podium is expected to serve not only residents but the surrounding community, bringing new lifestyle offerings to a neighborhood increasingly recognized for its cultural institutions and access to transportation.
“Set in a spectacular location with wide-ranging views of Manhattan, Brooklyn, Queens, the East River and its bridges, this project stands at the convergence of what makes New York exceptional."Nicholas Silvers, Founding Partner of Tavros.
As one of the most connected neighborhoods in the city, Court Square continues to appeal to buyers looking for accessibility and lifestyle without sacrificing design or scale. The development is steps from the 7, G, E, M, N, and R trains, with bus routes and Long Island Railroad access just blocks away. Cultural institutions like MoMA PS1, parks, and restaurants surround the site—underscoring the neighborhood’s rapid evolution as a luxury residential enclave.
Madison Realty Capital’s Managing Principal Josh Zegen noted that the project reflects the firm’s commitment to “supporting best-in-class developments” and bringing “affordable housing units in addition to a premier grocer and fitness experience to the already vibrant and diverse Long Island City community.”
Matt Burrows, Managing Director at Kushner, emphasized the development’s strategic fit. “Charney and Tavros have a stellar record,” he said, citing The Dime in Williamsburg and The Jackson in LIC. “With the backgrounds and reputations that the two developers share, we are confident that Court Square will be another successful addition to the continuously evolving neighborhood.”
With its ambitious scale, high-design pedigree, and deeply rooted development strategy, the Court Square project signals more than a vertical expansion—it reinforces Long Island City’s standing as one of the most compelling luxury real estate markets in New York.
For those watching New York’s skyline shift, this 55-story tower is more than a construction site—it’s the foundation of what’s next.