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 investment of $625 million in construction loans has been secured for a new 55-story skyscraper development in Long Island City. The project, located at 24-19 Jackson Avenue and 45-03 23rd Street, is being spearheaded by Incoco Capital, Tavros, and Charney Companies. Construction is expected to begin in June 2025, with completion anticipated by spring 2028.
The financing includes $425 million from Madison Realty Capital, $100 million from Kushner Companies, along with additional funds from OneIM. With this substantial backing, the project is set to add 636 new condominium units to the Long Island City area, enhancing the local housing market.
Project Overview and Potential Impact
The newly acquired site was purchased by Incoco Capital for approximately $68.5 million in 2022, which included additional land procurement from Toyoko Inn, enlarging the development area. FX Collaborative will lead the architectural design, responsible for crafting a diverse mix of residential units that include options ranging from studios to four-bedroom apartments.
To further enrich the living experience in the building, various amenities are planned. Among them, a fitness center operated by Chelsea Piers Fitness is set to be available for the next 30 years, alongside a Whole Foods grocery store commitment for 15 years. This blend of amenities aims to attract potential residents and provide convenient options for the community.
Commitment to Community Development
The development is not just about luxury living; it also aims to create job opportunities and enhance the local economy. The project is exploring EB-5 investment opportunities that are linked to job creation and economic growth. The intent is to integrate affordable housing units within the luxury project, ensuring a balanced and inclusive development.
Long Island City is recognized for its vibrant community and accessibility. Positioned close to Court Square, the site offers easy access to multiple subway lines (7, G, E, M, N, R) and the Long Island Railroad, connecting residents to the wider New York City area. The neighborhood is also home to various restaurants, parks, and museums, making it an attractive location for potential homeowners.
Looking Towards the Future
Developers have expressed enthusiasm about this project and its strategic location. The skyscraper is anticipated to offer breathtaking views of the city, enhancing the appeal for residents and visitors alike. As the plans evolve, the focus remains on developing a structure that supports best-in-class functionalities while contributing positively to the ethos of Long Island City.
The commitment from Madison Realty Capital to support quality developments ensures that the project’s implementation aligns with community standards and expectations. This mix of luxury living alongside essential services and amenities speaks to a holistic approach to urban development.
A Meaningful Addition to Long Island City
As construction begins in a couple of years, the community can look forward to witnessing a transformative development that promises to enrich the Long Island City landscape. This skyscraper not only aims to redefine the skyline but also seeks to foster a sense of community among residents—strengthening the overall fabric of this dynamic area.
In summary, the 55-story skyscraper will mark a significant milestone in Long Island City’s evolution, bridging luxury living with community-oriented amenities and accessible transit. It stands as a testament to the ongoing growth in this vibrant neighborhood.
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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
