Incoco Capital Secures $525M Loan for 55-Story NYC Condo Project
- Editor
- Jun 26
- 2 min read
Whats Happening:
Incoco Capital, along with developers Tavros and Charney Companies, has secured a $525 million construction loan for a 55-story condominium project in Long Island City's Court Square. The financing includes $425 million from Madison Realty Capital and $100 million from Kushner Companies and OneIM. The 636-unit development will feature Chelsea Piers Fitness and Whole Foods as anchor tenants.
Key Moves:
Incoco Capital secures $525M construction loan for 55-story condo project
Madison Realty Capital provides $425M, Kushner and OneIM contribute $100M
Project to include 636 units, Chelsea Piers Fitness, and Whole Foods as tenants
By The Numbers:
$525 million total construction loan secured
55-story skyscraper with 636 new units
30-year lease for Chelsea Piers Fitness, 15-year lease for Whole Foods
Key Quotes:
"We have successfully carried out numerous projects in New York in partnership with proven developers and global institutional investors, including Korea," stated Fa Park, Chairman and Founder of Incoco Capital.
"We're very excited to commence construction on our Court Square building, which is set in a spectacular location with wide ranging views of Manhattan, Brooklyn, Queens, the East River and its bridges," said Nicholas Silvers, Founding Partner of Tavros.
"This transaction reflects Madison Realty Capital's commitment to supporting best-in-class developments and providing innovative financing solutions to advance transformative projects throughout New York City," said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital.
Bottom Line:
The $525 million construction loan for Incoco Capital's 55-story condominium project in Long Island City represents a significant investment in New York City's real estate market. With major financial backing and prominent anchor tenants, the development is poised to make a substantial impact on the Court Square neighborhood, offering a mix of residential units and commercial spaces in a prime location.
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