Tavros Capital and Charney Companies have closed on the acquisition for $68.3M of a Jackson Avenue development site in Long Island City where the partners are planning to build a 55-story mixed-used tower with up to 600 apartments and 90K of retail and offices.
The partners are combining the property, located at 24-19 Jackson Avenue, with a neighboring parcel that they own at 45-03 23rd Street to create a site large enough for the high-rise, which will become the one of the tallest residential towers in Queens.
The seller was Toyoko Inn, a Japanese hotel operator, which bought the property in 2007 and filed plans with the city to build a 50-story, 1,200-room hotel. CBRE represented the seller in the transaction.
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