Major Funding Secured for Gowanus Wharf's Largest Project
Significant Development in Gowanus: 175 Third Street Project
Charney Companies and Tavros are excited to announce a groundbreaking milestone in their development journey at 175 Third Street. This much-anticipated project is designed to be the largest building in Gowanus, boasting an impressive one million square feet of space and accommodating 1,000 residences. This venture marks a crucial expansion of the Gowanus Wharf area, enhancing the community's living and recreational offerings.
Secured Financing to Fuel Development
In a strategic move to finance this ambitious development, the companies have secured two acquisition and pre-development loans totaling $145 million. Silver Point Capital has played a significant role by providing $110 million, with Brodsky/Tikehau Capital stepping in as the mezzanine lender, contributing $35 million. This robust financial backing reflects confidence in the development’s potential to transform the Gowanus neighborhood.
Vision for the Gowanus Neighborhood
Justin Pelsinger, COO of Charney Companies, shared, "This acquisition represents a major step forward in our vision for Gowanus Wharf. We are thrilled to secure this site, our fourth in the portfolio, and look forward to developing high-quality housing for New Yorkers while contributing positively to the evolving character of Gowanus." This project is considered vital not only for enhancing resident options but also for fostering a sense of community and connectivity throughout the area.
Community Impact and Architectural Design
The project is set to enhance public space significantly. A promenade stretching 37,000 square feet along the waterfront will be included, creating a beautiful esplanade for the community. Located directly across from a Whole Foods, the site is positioned as a vital southern gateway to Gowanus. Renowned landscape architects James Corner Field Operations will lead the design and landscape elements, known for their prominent works, including the High Line.
Collaboration and Support
The collaborative spirit is evident as Nicholas Silvers, Founding Partner at Tavros, noted, "175 Third represents the culmination of our work in creating Gowanus Wharf as the leading residential development in New York City." His words underlined the effective synergy among various stakeholders, including community boards and elected officials, during the rezoning processes that have allowed this vital project to move forward.
Partnerships with Lenders
Both Charney Companies and Tavros have expressed gratitude towards Silver Point Capital and Brodsky/Tikehau Capital. Anthony DiNello of Silver Point stated, "The development of new, high-quality, transit-oriented projects is critical. We are eager to support Charney and Tavros in bringing 175 Third Street to fruition." This sentiment highlights the importance of such developments in enhancing the urban landscape and infrastructure.
A Bright Future Ahead
Maxime Laurent-Bellue of Tikehau Capital further emphasized the significance of this partnership, stating, "We are proud to support the next chapter of the Gowanus transformation with Charney Companies and Tavros." This investment is viewed as a strategic venture into the U.S. real estate market, signaling long-term commitment and value creation for both communities and investors alike.
About Charney Companies
Founded in 2013, Charney Companies is a fully integrated firm specializing in real estate development, brokerage, and management. Their focus is on developing, owning, and operating high-end residential and commercial spaces within the New York City metro area. With a portfolio encompassing two million square feet, Charney is committed to delivering superior real estate products and ensuring best-in-class returns for investors.
About Tavros
Tavros is a private firm dedicated to real estate investment management and development. They place a strong emphasis on the quality of their partnerships with diverse stakeholders, aiming to provide excellent tenant experiences through meticulous attention to detail.
Frequently Asked Questions
What is the significance of the 175 Third Street project?
This project is set to become the largest building in Gowanus, contributing significantly to residential capacity and community space.
Who financed the 175 Third Street project?
The project was financed through two loans totaling $145 million from Silver Point Capital and Brodsky/Tikehau Capital.
What community benefits does the project offer?
The project will include a waterfront esplanade and open public areas, enhancing community access to recreation and social spaces.
Who are the key stakeholders involved in this project?
Key stakeholders include Charney Companies, Tavros, Silver Point Capital, and Brodsky/Tikehau Capital.
What role did landscape architects play in the project?
James Corner Field Operations will lead the design and landscape elements, known for creating vibrant public spaces that enhance community engagement.
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