Latest news with #Tavros
Yahoo
5 days ago
- Business
- Yahoo
$1B residential project kicks off in Gowanus — as ‘starchitect' reveals vision for 1,000-unit rental tower
BIG is back – and better — in Gowanus. The developers of 175 Third St. tapped Bjarke Ingels' much-in-demand architectural firm to design their planned, 1,000-unit, rental apartment tower – and it's nothing like BIG's earlier concept for previous site-owner Aby Rosen's RFR Realty. The new 175 Third St. in the burgeoning residential neighborhood from Charney Companies and Tavros will stand 27 stories encompassing over 1 million square feet – the fifth building by the partners on four different sites on the Gowanus Canal's eastern side. The images on this page reveal Ingels' new vision for the first time, which the architect described as 'stacked blocks of cascading concrete volumes, cascading down toward the canal waterfront.' 'We had our eyes on the site forever,' Charney Companies principal Sam Charney said. 'But someone else always owned it' until 'the price finally came down [to $164 million] and we knew this was the time.' The purchase closed in May. When RFR bailed, it was expected that Charney and Tavros would choose a different architect. Instead, they liked Ingels' new concept the best of the proposals they solicited from a half-dozen 'starchitects.' 'We did not like the previous iteration,' Charney told Realty Check. 'It was inefficient and hard to build. It had a red-brick design that kind of drowned out the [red brick] Powerhouse Arts structure next door.' But Ingels' new conception 'blew us away,' Charney said. Its textured 'architectural concrete' will look as if it's chiseled out of rock' — an homage to the area's industrial past. Chamfered, angled corners at various heights generate 'cool outdoor spaces.' A federal-supervised cleanup of the two-mile-long, noxious canal that began ten years ago prompted the city to rezone 82 blocks in the former low-rise manufacturing area for residential use. The rush to create nearly 9,000 new rental apartments spurred a construction boom. A portion of the once-toxic canal – long a punch line of stand-up comedians – emerged as the district's unlikely scenic centerpiece. The waterway now suggests a picturesque, slow-moving river between handsome apartment towers on both sides. The new 175 Third Street will have 1,000 rental units, of which 25% are 'affordable' as required by neighborhood Mandatory Inclusionary Zoning. It will follow Charney and Tavros' 224-unit Union Channel, which opened in February and is already 60% rented; and Douglass Port at 251 Douglass St. and Nevins Landing at 310 and 340 Nevins St., both under Charney estimated the development cost of 175 Third St., including the land purchase, at about $1 billion. With 100,000 square feet of retail space, it will be the crown jewel of what Charney and Tavros call a 'Gowanus Wharf campus' even though the buildings aren't next to each other. It will boast a 30,000 square-foot public park with 250 feet of canal boardwalk; sports facilities, a dog run, rooftop lounges, spa pools and a three-acre, landscaped courtyard, plus 35,000 square feet of lavish indoor amenities. A waterfront promenade will eventually run the canal's length, with each developer responsible for the segment in front of their buildings. The ones Charney and Tavros are installing on their Nevins and Third Street frontages will be landscaped by Field Operations of High Line Park fame. Construction of 175 Third St. will likely start when the Nevins and Douglass Street buildings are finished roughly a year from now.
New York Post
5 days ago
- Business
- New York Post
$1B residential project kicks off in Gowanus — as ‘starchitect' reveals vision for 1,000-unit rental tower
BIG is back – and better — in Gowanus. The developers of 175 Third St. tapped Bjarke Ingalls' much-in-demand architectural firm to design their planned, 1,000-unit, rental apartment tower – and it's nothing like BIG's earlier concept for previous site-owner Aby Rosen's RFR Realty. The new 175 Third St. from Charney Companies and Tavros will stand 27 stories encompassing over 1 million square feet – the fifth building by the partners on four different sites on the Gowanus Canal's eastern side. 4 A rendering of 175 Third St. in Gowanas, Brooklyn. Bucharest Studio The images on this page reveal Ingalls' new vision for the first time, which the architect described as 'stacked blocks of cascading concrete volumes, cascading down toward the canal waterfront.' 'We had our eyes on the site forever,' Charney Companies principal Sam Charney said. 'But someone else always owned it' until 'the price finally came down [to $164 million] and we knew this was the time.' The purchase closed in May. When RFR bailed, it was expected that Charney and Tavros would choose a different architect. Instead, they liked Ingalls' new concept the best of the proposals they solicited from a half-dozen 'starchitects.' 4 175 Third St. rendering. Bucharest Studio 'We did not like the previous iteration,' Charney told Realty Check. 'It was inefficient and hard to build. It had a red-brick design that kind of drowned out the [red brick] Powerhouse Arts structure next door.' But Ingalls' new conception 'blew us away,' Charney said. Its textured 'architectural concrete' will look as if it's chiseled out of rock' — an homage to the area's industrial past. Chamfered, angled corners at various heights generate 'cool outdoor spaces.' A federal-supervised cleanup of the two-mile-long, noxious canal that began ten years ago prompted the city to rezone 82 blocks in the former low-rise manufacturing area for residential use. The rush to create nearly 9,000 new rental apartments spurred a construction boom. 4 Bucharest Studio A portion of the once-toxic canal – long a punch line of stand-up comedians – emerged as the district's unlikely scenic centerpiece. The waterway now suggests a picturesque, slow-moving river between handsome apartment towers on both sides. The waterfront promenade will eventually run the canal's length, with each developer responsible for the segment in front of their buildings. The ones Charney and Tavros are installing on their Nevins and Third Street frontages will be landscaped by Field Operations of High Line Park fame. Construction of 175 Third St. will likely start when the Nevins and Douglass Street buildings are finished roughly a year from now. 4 Rendering of the two buildings that will comprise Nevins Landing. Fogarty Finger The new 175 Third Street will have 1,000 rental units, of which 25% are 'affordable' as required by neighborhood Mandatory Inclusionary Zoning. It will follow Charney and Tavros' 224-unit Union Channel, which opened in February and is already 60% rented; and Douglass Port at 251 Douglass St. and Nevins Landing at 310 and 340 Nevins St., both under construction. Sam Charney estimated the development cost of 175 Third St., including the land purchase, at about $1 billion. With 100,000 square feet of retail space, it will be the crown jewel of what Charney and Tavros call a 'Gowanus Wharf campus' even though the buildings aren't next to each other. It will boast a 30,000 square-foot public park with 250 feet of canal boardwalk; sports facilities, a dog run, rooftop lounges, spa pools and a three-acre, landscaped courtyard, plus 35,000 square feet of lavish indoor amenities.
Yahoo
02-05-2025
- Business
- Yahoo
Charney Companies and Tavros secure $145m for Gowanus development in New York
Charney Companies, a fully integrated real-estate development, construction, brokerage, and management company, and Tavros, a real-estate investment management and development company, have announced a financial milestone for their joint venture (JV) in Brooklyn, New York City (NYC), US. Specifically, the partnership has secured $145m in acquisition and predevelopment loans for the construction of 175 Third Street, the upcoming addition to the JV's Gowanus Wharf campus. Upon completion, this project is expected to become the largest building in the Gowanus area, offering approximately one million square feet of space and 1,000 residences. The funding package comprises a $110m loan from credit investing company Silver Point Capital and a $35m mezzanine loan from developer Brodsky and alternative asset management group Tikehau Capital. Charney Companies COO Justin Pelsinger said: "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. "We're thrilled to secure this significant site, our fourth in the portfolio, and embrace the opportunity it presents. 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 neighbourhood." The development of 175 Third Street will bring the JV's total ownership in Gowanus to more than two million square feet and 2,200 residences, making them the largest owners in the area. This latest project will feature 37,000ft² of publicly accessible waterfront esplanade and open space. Positioned directly across from Whole Foods, 175 Third Street is considered the southern gateway to Gowanus. The design and landscape elements of the project will be led by architect James Corner Field Operations, which has carried out urban projects such as the High Line and Domino Park. Tavros founding partner Nicholas Silvers said: "175 Third represents the culmination of our work in creating Gowanus Wharf as the market-leading new residential innovation in New York City. "This project will crystallise all of the incredible efforts from the community board, elected and the surrounding special Brooklyn neighbourhoods to rezone and elevate what is possible in NYC when the public and the private sectors work together to achieve great things." A JLL team, led by senior managing directors Christopher Peck and Peter Rotchford, senior director Nicco Lupo, managing director Lauren Kaufman, and vice-president Jonathan Faxon, represented the borrowers in securing the loans. "Charney Companies and Tavros secure $145m for Gowanus development in New York" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
01-05-2025
- Business
- Yahoo
CO-DEVELOPERS CHARNEY COMPANIES AND TAVROS CLOSE ON 175 THIRD STREET, THE LARGEST NEW DEVELOPMENT IN GOWANUS
Two Loans Totaling $145 Million Secured; Lenders are Silver Point Capital and Brodsky/Tikehau Capital BROOKLYN, N.Y., May 1, 2025 /PRNewswire/ -- Charney Companies and Tavros today announced significant funding for 175 Third Street, the planned fourth building in their jointly developed campus Gowanus Wharf. Once completed, 175 Third Street will be the largest building in Gowanus, with approximately 1 million square feet and 1,000 residences. Upon completion of the project, Charney and Tavros will have developed and will own over 2 million square feet and 2,200 residences in Gowanus, making them the largest owner in the neighborhood. Two acquisition/pre-development loans totaling $145 million have been secured, with Silver Point Capital providing $110 million and Brodsky/global alternative asset manager Tikehau Capital providing $35 million as the mezzanine lender. "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 Justin Pelsinger, COO Charney Companies. "We're thrilled to secure this significant site, our fourth in the portfolio, and embrace the opportunity it presents. 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." With 37,000 square feet of publicly accessible waterfront esplanade and open space, 175 Third Street is directly across from Whole Foods and is considered the southern gateway to Gowanus. Design and landscape elements will be led by James Corner Field Operations, the renowned landscape architects whose works include the High Line in Manhattan, Fresh Kills Park on Staten Island, and Domino Park in Brooklyn. "175 Third represents the culmination of our work in creating Gowanus Wharf as the market leading new residential innovation in New York City, said Nicholas Silvers, Founding Partner, Tavros. "This project will crystallize all of the incredible efforts from the community board, elected and the surrounding special Brooklyn neighborhoods to rezone and elevate what is possible in NYC when the public and the private sectors work together to achieve great things." "We are excited to partner with Charney Companies and Tavros in the acquisition of this dynamic project," said Anthony DiNello, Head of Direct Lending, Silver Point Capital. "The development of new, high-quality, transit-oriented projects is critical, and we look forward to supporting Charney and Tavros in bringing 175 Third Street to fruition." "The Brodsky Organization is proud to provide mezzanine financing to Tavros and Charney alongside our partners at Tikehau. Together, Brodsky and Tikehau are committed to providing financing solutions and contribute to the vibrancy and growth of emerging neighborhoods like Gowanus," said Thomas Brodsky of Brodsky. "We are proud to support the next chapter of the Gowanus transformation with Charney Companies and Tavros, building upon a strategic partnership with The Brodsky Organization," said Maxime Laurent-Bellue, Co-head of Credit and Edoardo Crotta, executive director within the Real Estate Credit team, Tikehau Capital "This investment reflects the strength of our growing global credit franchise and marks a significant step in our expansion into the U.S. real estate market. We are committed to financing high-impact, forward-looking developments that deliver long-term value for communities and investors alike." A JLL team led by Senior Managing Directors Christopher Peck and Peter Rotchford, Senior Director Nicco Lupo, Managing Director Lauren Kaufman, and Vice President Jonathan Faxon represented the borrowers. About Charney Companies:Founded in 2013, Charney Companies is a fully integrated real estate development, construction, brokerage, and management firm with a focus on developing, owning, and operating first-class residential and commercial real estate in the New York City Metro area. From ground-up construction to adaptive reuse and value-add repositioning, Charney plays an integral role in all aspects of the development process and leverages the expertise and experience of their principals to deliver superior products to the marketplace and best-in-class returns for their investors. Charney owns, operates, and is under construction on two million square feet throughout Brooklyn and Queens, and has won awards and accommodations from municipal organizations and media outlets for their work over the last 5 years. For more information, visit: About Tavros: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. About Silver Point:Silver Point is a leading global credit investing firm founded in 2002. With a dedicated team of over 350 employees, Silver Point oversees $38 billion in investable assets across a comprehensive credit platform that includes public and private investment strategies. Silver Point's Direct Lending business has delivered customized financing solutions to middle-market companies across a broad range of industries. It works in close partnership with borrowers, developing a thorough understanding of their businesses and addressing a wide variety of capital needs with speed and certainty. Silver Point's flexible mandate is designed to allow clients to execute on M&A activity, refinancings and growth capital, among a range of transaction types. Silver Point's Direct Lending business manages over $16 billion in investable assets. For more information, please visit About Brodsky:The Brodsky Organization is one of Manhattan's most established developers, owners, and managers of residential and commercial spaces in New York City. The Brodsky Organization's relationship with its residents is the foundation of its success. Every element of building life is supported by a dedicated and attentive management team. The Brodsky Organization offers intelligently designed apartments with exceptional views, which are in some of the most desirable neighborhoods in Manhattan and Brooklyn. The company has developed over 10,000 apartments in more than 85 rental, condominium, and co-op buildings. The portfolio ranges from charming brownstones to renovated pre-war doorman buildings, to newly constructed high-rises with extensive building amenities. The neighborhoods span from West and Greenwich Village to Chelsea, Midtown West to Morningside Heights, and Midtown East to Carnegie Hill and Downtown Brooklyn. About Tikehau Capital:TiTikehau Capital is a global alternative asset management Group with €50.6 billion of assets under management (at 31 March 2025). Tikehau Capital has developed a wide range of expertise across four asset classes (credit, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.2 billion of shareholders' equity at 31 December 2024), the Group invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 750 employees (at 31 March 2025) across its 17 offices in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: For more information, please visit: CONTACTS: Barbara Wagner Barbara Wagner Communications (917) 751-4387 barbara@ Elana Van Patten Barbara Wagner Communications (315) 440-7554 elana@ View original content to download multimedia: SOURCE Gowanus Wharf
