Charney, Tavros in contract for Toyoko Inn site in LIC, offered for approximately $60M

By Adam Pincus

Sam Charney’s Charney Companies and Tavros Capital, which  frequently partner together, are in contract to buy the Toyoko Inn site in Long Island City, according to sources, although the price was not immediately available. The parcel, with an address of 24-09 Jackson Avenue and 24-11 Jackson Avenue, had previously been slated to be a 50-story hotel with more than 1,000 rooms.

That project stalled and the Japanese hotel company hired a CBRE team led by Dan Kaplan to sell the site, with an approximate price of $60 million, according to The Real Deal. The hotel developer paid about $26 million over several years to assemble the parcel. The site can support a residential project of up to 267,000 square feet as of right, according to a report in The Real Deal from January 2022. 

PincusCo reported earlier this year that Charney Companies on February 11, filed a permit application for construction of a 54-unit, 61,639-square-foot project at this site. Below are renderings of the development from Charney’s website.

The developers have worked together on multiple other projects. Among them are 45-03 23rd Street in LIC, 300 Nevins Street in Gowanus, and 585 Union Street in Gowanus.

It’s unclear if the building will remain small or if the plans will be resubmitted. Calls to Charney and Tavros were not immediately returned.

With the looming expiration of 421a, developers may file plans that are not the full size of the ultimate project, in order to get the foundation progress required to vest under the current 421a regulations.

Charney and Tavros are partners at several development sites in the city, including in Gowanus, where they most recently joined up to pay $102 million at the end of 2021 to Property Markets Group for a large parcel there.