Tavros, Charney get $425M construction loan from Madison Realty, $100M from Kushner, OneIM, for LIC site

UPDATED 4:36 a.m., June 29, 2025: Tavros Capital and Charney Companies through the entity Court Square 45th Ave 2 LLC as borrower signed a new senior construction loan with lender Madison Realty Capital through the entity Court Sq LIC Lender 1 LLC valued at $325 million for a 636-unit, 55-story residential condominium project at 23-14 45th Avenue in Long Island City, Queens. In addition to the secured debt of $325 million, Madison originated a $100 million mezzanine loan. Two other firms, Kushner Companies and its capital partner OneIM, together provided an additional $100 million in construction debt, according to a release from the companies. That debt was not recorded in public records.

The press release from the development team said the final name of the tower has not been selected, but it provided two addresses, 24-19 Jackson Avenue and 45-03 23rd Street, for the project.

The current project filed with the city does not reflect the building described in the press release, which is not unusual. As of publication, there was a new building project 420667120 for a 314-unit, 561,716-square-foot residential (R-2) building submitted by Tavros Capital Partners and filed by Dov Barnett with plans filed March 9, 2020 and permitted May 5, 2022, city Department of Buildings records show. The most recent schedule of occupancy for the project available on the DOB dated April 26, 2023, shows six or seven units per floor, plus one penthouse duplex, for a total of 286 units.
The loans closed on June 10, 2025 and $325 million of the debt was recorded on June 26, 2025. The prior lender was Acore Capital which held debt that had an original loan amount of $46.4 million.
The signatory for Tavros Capital and Charney Companies and Incoco Capital as Nicholas Silvers . The signatory for the $325 million portion from Madison Realty Capital was David Speiser . The two portions of $100 million debt were not recorded. The documents identify Chelsea Piers as a tenant.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $11,250 in ECB penalties and $20,890 in OATH penalties in the last year.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.5 times the average sales volume among other neighborhoods with $929.3 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 5.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On the tax block of 24-11 Jackson Avenue, PincusCo has identified the owners of two of the three commercial properties representing zero square feet of the 16,030 square feet. The identified owner is Charney Companies.
On the tax block, there were three new building construction projects totaling 611,126 square feet. The largest is a 285-unit, 288,630 square-foot residential (R-2) building submitted by Tavros Capital Partners and filed by Dov Barnett with plans filed March 9, 2020 and permitted May 5, 2022. The second largest is a 1,260-unit, 260,857 square-foot hotel/dormitory/shelter (R-1) building submitted by Toyoko Inn and filed by Takao Endo with plans filed September 27, 2016 and it has not been permitted yet.

The majority, or 100 percent of the 16,030 square feet of built space are office buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Charney Companies owned at least 17 commercial properties with 793 residential units in New York City with 255,641 square feet and a city-determined market value of $62.4 million. (Market value is typically about 50% of actual value.) The portfolio has $199.6 million in debt, with top three lenders as Madison Realty Capital, Arbor Realty Trust, and Santander Bank respectively. Within the portfolio, the bulk, or 31 percent of the 255,641 square feet of built space are specialty properties, with elevator properties next occupying 25 percent of the space. The bulk, or 37 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.
The PincusCo database currently indicates that Tavros Capital owned at least eight commercial properties with 872 residential units in New York City with 70,858 square feet and a city-determined market value of $26 million. (Market value is typically about 50% of actual value.) The portfolio has $100.1 million in debt, with top three lenders as ACORE Capital, Centennial Bank, and Citibank respectively. Within the portfolio, the bulk, or 92 percent of the 70,858 square feet of built space are industrial properties, with C0 properties next occupying 6 percent of the space. They are all located in Brooklyn.

Correction: A prior version of this post did not use the updated unit count of 636 units provided by the developers in a press release, nor mention Incoco Capital, Kushner Companies or OneIM.

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