Posted May 3, 2022, 12:54 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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https://therealdeal.com/2022/05/02/c...elopment-site/
Planned Toyoko Inn site offered for $60M
May. 02, 2022
Quote:
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.
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Quote:
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.
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