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Sep 23, 2022, 09:00 ET
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Korean investment group with origins in the cosmetics industry has invested significant capital in several market-leading NYC real estate projects.
NEW YORK, Sept. 23, 2022 /PRNewswire/ — INCOCO CAPITAL, LLC (“INCOCO”) announces the expansion of its real estate investment platform in the United States with two market-leading investments.
The company partnered with Tavros Holdings, LLC (“Tavros”) to acquire a trophy development site located at 24-19 Jackson Ave in the Court Square submarket of Long Island City for $68.3 million. INCOCO and Tavros will combine the acquired site with the neighboring lots currently owned by Tavros and co-develop the aggregated site into a 55-story Class A mixed-used tower with more than 600 apartments and 90,000-square feet of commercial space.
The project is located one block from the Court Square subway station and is one of the most transportation and commuter friendly locations in the outer boroughs of New York City. In connection with the project’s construction, the development team has partnered with the MTA to improve the subway infrastructure in Long Island City. Once the building is completed it will enjoy proximity to the nearby parks, shopping, cafes, restaurants, views and a myriad of water activities in the East River.
In addition, INCOCO led the $156.6 million acquisition of the residential and parking components of The Dime at 275 South 5th St in Williamsburg, Brooklyn. The Dime is a striking, 23-story terra-cotta and glass tower developed by Tavros Holdings. The Dime is architecturally intertwined with the landmarked 1908 Dime Savings Bank and is comprised of 177 rental apartments with two floors of below grade parking
“We are thrilled to be part of these two incredible projects, as well as continuing to strengthen our relationship with Tavros Holdings,” said Fa Park, founder of INCOCO. “Joining forces with Tavros was a great fit, as our firms are both dedicated to bringing the absolute best product to New York City residents.”
“After a six-year assemblage process, we are delighted to begin work at our Long Island City project,” said Nicholas Silvers, founding partner of Tavros Holdings. “Our valued relationship with INCOCO has been crucial in completing the acquisition of what we believe to be the single best development site in Long Island City. To share our work together is a real honor.”
INCOCO, the inventor and manufacturer of the world’s first dry nail polish strips, has been employing innovative and proprietary technologies to transform the cosmetics market since the company’s launch in 2005. INCOCO’s Color Street brand launched in 2017, has grown into one of the most prolific direct selling companies in the United States, and was ranked 24th amongst direct selling companies globally in 2020. Now with a worldwide distribution channel and full cosmetic lineup, INCOCO aims to become a premiere and global cosmetic group.
With a successful track record of investment in both public and private markets, INCOCO CAPITAL, LLC has expanded its investment mandate to include the real estate sector. With a focus on the NY metropolitan area, INCOCO has invested in four substantial real estate development projects this year already.
Tavros is a privately-owned real estate investment management and development firm. They invest on a discretionary basis, with a strong focus on New York City, and a global investor base of family offices, trusts, high net worth individuals, and institutions. Core to the Tavros discipline is the quality of its partnerships with tenants, investors, and lenders. As an owner and property manager, Tavros aims to ensure a positive experience for its tenants through attention to detail and a focus on quality of life.
CONTACT: Barbara Wagner Communications
SOURCE INCOCO CAPITAL, LLC; Tavros Holdings, LLC
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