Greystone Capital Advisors Arranges $525 Million in Construction Financing for 55-Story Condominium Tower in Long Island City, NYC

NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, announced it has arranged $525 million in construction financing for the development of Court LIC, a 55-story condominium tower to-be-built on a site located at 24-19 Jackson Avenue in the center of Long Island City’s Court Square neighborhood. The financing was arranged on behalf of co-developers Charney Companies and Tavros, in partnership with Incoco Capital, by the Greystone Capital Advisors team including Drew Fletcher, President; Paul Fried, Executive Managing Director; and Bryan Grover, Managing Director.

The financing package includes $425 million in senior debt provided by Madison Realty Capital, along with $100 million of preferred equity financing from Kushner and its capital partner, OneIM.

“This was an exceptionally complex transaction involving multiple layers of capital, a sophisticated assemblage, and a visionary plan for a truly iconic mixed-use residential development in Long Island City,” said Drew Fletcher, President, Greystone Capital Advisors. “Our team was honored to advise Charney and Tavros in structuring a capital stack that enables them to bring this transformative project to life. The commitment from premier institutional lenders speaks to the strength of the sponsorship and the market’s belief in this location and product.”

The forthcoming tower, designed by FXCollaborative, will deliver 600 new condominium residences to the rapidly evolving LIC skyline and include an expansive amenities suite. Whole Foods and Chelsea Piers Fitness are slated to occupy the building’s podium. Construction is expected to begin in June 2025 with anticipated completion in spring 2028.

About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

Securities transactions are affected through INTE Securities LLC dba Greystone INTE BD, member FINRA www.finra.org/SIPC www.sipc.org. For information regarding INTE Securities LLC go to www.finra.org/brokercheck.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
[email protected]

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