Charney Companies and Tavros secured $145 million in financing for their 1,000-unit rental development in Gowanus, which is set to be the biggest building in the neighborhood.
Silver Point Capital provided the acquisition and pre-development debt for the development at 175 Third Avenue alongside The Brodsky Organization and Adi Chugh’s TYKO Capital, the developers told The Real Deal.
“This acquisition represents a major step forward in our vision for Gowanus Wharf and we truly
value the commitment of our partners, Silver Point Capital and Brodsky/Tikehau Capital,” said Charney Companies COO Justin Pelsinger. “Our focus will be on delivering high-quality, much-needed housing for New Yorkers and actively participating in the positive transformation and further development of the vibrant Gowanus neighborhood.”
Gowanus Wharf is the name Charney and Tavros have given to the four-building campus they’re developing in the neighborhood, which covers 2 million square feet and includes 2,200 apartments.
The developers used the financing to close on their acquisition of 175 Third Ave from Aby Rosen’s RFR, which acquired the site in 2018 and took it through the process of environmental remediation and design, as well as securing a 421-a tax abatement.
Andrew Sasson of Ackman-Ziff negotiated the sale.
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