Charney, Tavros pick up stalled LIC development site

Planned Toyoko Inn site offered for $60M

New York /
May.May 02, 2022 02:00 PM
Tavros' Dov Barnett and Charney's Sam Charney with 24-09 Jackson Avenue (Tavros, Charney Companies, Google Maps)

Tavros’ Dov Barnett and Charney’s Sam Charney with 24-09 Jackson Avenue (Tavros, Charney Companies, Google Maps)

A pair of buyers are in contract to pick up the development site of a planned hotel in Long Island City, potentially changing the course of the project.

Charney Companies and Tavros Capital are in contract to buy the development site at 24-09 Jackson Avenue in Queens from Toyoko Inn, PincusCo reported. The cost won’t be known until the sale closes, but the site was being offered at about $60 million.

Toyoko Inn assembled the site for more than $26 million from 2007 to 2014. The project was never able to get off the ground and Toyoko Inn hired a CBRE team led by Dan Kaplan to sell the property.

Toyoko Inn had a big vision for the site, planning a 50-story hotel with more than 1,000 rooms. The Real Deal previously reported, however, that a buyer was likely to shift the project towards apartments due to the maturing residential market in Long Island City, as well as new measures that add regulations to the construction of new hotels.

A City Council bill passed in December was potentially a factor in Toyoko Inn’s decision to sell. The measure required developers to obtain special permits to construct new hotels, essentially guaranteeing developers would have to commit to using union hotel staff on their sites.

Charney in February filed a permit application for the construction of a 54-unit, 61,000-square-foot project at the site. An owner can develop a 267,000-square-foot residential building on the site as-of-right.

Tavros and Charney have experience teaming up on projects. The companies in January bought a full-block site at 318 Nevins Street along the Gowanus Canal from Property Markets Group for $102 million. They plan to build about 660 rental apartments on the property, which has more than 500,000 square feet of buildable space.

In 2019, the two companies paid $36.4 million to buy the site at 577 Union Street, where they plan to build 214 apartments. The two also worked together to co-develop the 177-unit Dime rental building in Williamsburg in 2020.

[PincusCo] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Silverback's Josh Schuster and Hopson's Chu Mang Yee with rendering of the project at 131-141 East 47th Street (LinkedIn, Getty, Ismael Leyva Architects)
    Schuster out as Hopson borrows $156M for Midtown tower
    Schuster out as Hopson borrows $156M for Midtown tower
    (photos by Joe Lovinger/The Real Deal)
    Day 2 of ICSC: Retailers button up to network, prep for uncertain future
    Day 2 of ICSC: Retailers button up to network, prep for uncertain future
    Boston Properties' Hilary Spann and Eldridge CEO Todd Boehly in front of 767 Fifth Avenue (Boston Properties, Eldridge, Google Maps)
    Firm ditches Park Ave for entire floor of GM Building
    Firm ditches Park Ave for entire floor of GM Building
    Adam Neumann with 515 West Avenue (Wikipedia, Realtor, iStock)
    No buzz, but Adam Neumann will take the $293M
    No buzz, but Adam Neumann will take the $293M
    Clockwise from top: Mayor Eric Adams, Bruce Teitelbaum, Adrienne Adams and Suri Kasirer (Getty/Adams via Paul Dilakian)
    A make-or-break moment for NYC’s housing crisis
    A make-or-break moment for NYC’s housing crisis
    Photo illustration depicting landlords being outearned by their lenders (iStock)
    More multifamily landlords are making less than their lenders
    More multifamily landlords are making less than their lenders
    RFR's Aby Rosen and 285 Madison Avenue (RFR, iStock)
    RFR seeks extension on 285 Madison loan
    RFR seeks extension on 285 Madison loan
    A photo illustration of Veyoel Moshe Gardens in Kiryas Joel (LoopNet, iStock)
    Developers seizing on Hasidic suburb’s explosive growth
    Developers seizing on Hasidic suburb’s explosive growth
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...