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
In the exciting urban landscape of Long Island City, a significant new construction project is on the horizon. Incoco Capital, Tavros, and Charney Companies have officially announced their collaboration on a 55-story skyscraper that will transform the skyline of this bustling neighborhood. The ambitious development will rise at the intersection of 24-19 Jackson Avenue and 45-03 23rd Street. Construction is slated to kick off in June 2025, with completion expected by spring 2028.
The project has successfully secured a remarkable total of $625 million in financing for construction, which includes contributions from Madison Realty Capital ($425 million), Kushner Companies ($100 million), and additional funds from OneIM. This financial backing underscores the strong investor confidence in the burgeoning real estate market of Long Island City.
Once completed, the skyscraper will introduce a total of 636 new condominium units to the local residential landscape, providing housing options that will cater to a diverse demographic. Architecturally, the project is designed by FX Collaborative, ensuring a modern aesthetic that complements the surrounding urban environment. The units will span a wide range of layouts, from cozy studios to spacious four-bedroom apartments, enhancing the appeal to potential buyers.
This development is not just about residential units; it also aims to create a vibrant community hub. Planned amenities include a fitness center operated by Chelsea Piers Fitness, which will serve the local population for an impressive term of 30 years. Additionally, a Whole Foods grocery store will be established, ensuring that residents have access to convenient shopping options for their everyday needs, secured for a period of 15 years.
The choice of location for this skyscraper is significant. Court Square is recognized as a major transit hub, providing convenient access to multiple subway lines including the 7, G, E, M, N, and R lines. Its close proximity to the Long Island Railroad makes it an attractive point for both residents and investors. The area is already home to a variety of restaurants, parks, and cultural institutions such as museums, which make it a desirable place to live and work.
As the development unfolds, it is expected to positively impact the vibrant and diverse Long Island City community. This includes job creation and economic growth linked to the project, areas that Incoco Capital is eager to explore further, particularly through EB-5 investment opportunities. This highlights a commitment to not only constructing a new building but also enhancing the overall economic environment in the area.
Industry leaders involved in the project have expressed optimism regarding its potential to reshape the local landscape. The skyscraper stands as a testament to the area’s ongoing transformation into a lively destination for work and play. Alongside its luxury features, the project includes a commitment to developing affordable housing units, ensuring that a range of income levels can benefit from this new construction.
The announcement of this project heralds an exciting chapter for Long Island City, as it continues to attract significant investments and development projects that redefine urban living. With its mix of residential units, modern amenities, and strategic location, this new skyscraper is set to become a landmark in the area, linking residents to the city while fostering a sense of community among its diverse inhabitants.
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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
Author: Construction NY News
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
