JLL Capital Markets recently announced that it has arranged $174.5M of financing and equity for the acquisition and pre-development of 175 Third St., a planned mixed-use multifamily development to be built in Brooklyn’s burgeoning Gowanus neighborhood.
JLL represented the borrowers – a joint venture of Charney Companies, the development and management firm founded by Sam Charney in 2013, and Tavros Capital, a privately owned New York City-based investment management and development firm. The team arranged $110 million in financing with Silver Point Capital, a global credit investment firm, and $35 million in mezzanine financing from a venture between global alternative asset manager Tikehau Capital and Brodsky Organization. New York City-based investment firm Atlas Capital Group provided $29.5M of equity.
Once completed, 175 Third St. will be the largest building in Gowanus, with approximately one million square feet and 1,000 residences. 175 Third St. will consist of two high-rise towers with units ranging from studios to three-bedroom apartments. The development will also feature ground floor retail space and state-of-the-art amenities.
Pre-development work is underway at the property, with construction estimated to begin in mid-2026.
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.
Peck commented, “Brooklyn’s booming Gowanus neighborhood will soon be home to a world-class residential development at 175 Third St. With top-of-the-line amenities and a prime location, the asset will be one of the premier properties in all of New York City.”
175 Third St. is situated on a prime waterfront location along the Gowanus Canal. The site is just three blocks away from multiple MTA subway stations and on one of the only two-way, east-west streets in the Gowanus neighborhood, offering commute times of about 10 minutes to downtown Brooklyn, 25 minutes to Lower Manhattan and 35 minutes to Midtown Manhattan.
JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
