Latest news with #Tavros
Yahoo
11-06-2025
- Business
- Yahoo
Greystone Capital Advisors Arranges $525 Million in Construction Financing for 55-Story Condominium Tower in Long Island City, NYC
NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, announced it has arranged $525 million in construction financing for the development of Court LIC, a 55-story condominium tower to-be-built on a site located at 24-19 Jackson Avenue in the center of Long Island City's Court Square neighborhood. The financing was arranged on behalf of co-developers Charney Companies and Tavros, in partnership with Incoco Capital, by the Greystone Capital Advisors team including Drew Fletcher, President; Paul Fried, Executive Managing Director; and Bryan Grover, Managing Director. The financing package includes $425 million in senior debt provided by Madison Realty Capital, along with $100 million of preferred equity financing from Kushner and its capital partner, OneIM. 'This was an exceptionally complex transaction involving multiple layers of capital, a sophisticated assemblage, and a visionary plan for a truly iconic mixed-use residential development in Long Island City,' said Drew Fletcher, President, Greystone Capital Advisors. 'Our team was honored to advise Charney and Tavros in structuring a capital stack that enables them to bring this transformative project to life. The commitment from premier institutional lenders speaks to the strength of the sponsorship and the market's belief in this location and product.' The forthcoming tower, designed by FXCollaborative, will deliver 600 new condominium residences to the rapidly evolving LIC skyline and include an expansive amenities suite. Whole Foods and Chelsea Piers Fitness are slated to occupy the building's podium. Construction is expected to begin in June 2025 with anticipated completion in spring 2028. About GreystoneGreystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit Securities transactions are affected through INTE Securities LLC dba Greystone INTE BD, member FINRA For information regarding INTE Securities LLC go to PRESS CONTACT:Karen
Hypebeast
07-06-2025
- Business
- Hypebeast
Bjarke Ingels Proposes "Three-Dimensional Neighborhood" for Brooklyn's Gowanus Canal
Bjarke Ingels Grouphas unveiled the renderings for a 'three-dimensional neighborhood' as part ofBrooklyn's Gowanus Canal redevelopment plans. In place of a now-scrapped proposal unveiled in 2023, the reimagined development spans over one million sq ft, anchored by a public park designed by Fieldo Operations in collaboration with NYC Parks, and an internal stepped courtyard offering panoramic views of the New York City Skyline. BIG founder and architectBjarke Ingelsshared that the project at 175 Third Street is conceived as a 'three-dimensional neighborhood of building blocks stacked to frame a central park cascading down towards the canal waterfront.' 'The rational volumes are chiseled and chamfered, opening up the corners to create terraces, entrances, and outdoor spaces. The resultant architecture provides a plethora of niches for all forms of life – urban and intimate, public and private – within and around,' he added. The tower, consisting of terraced concrete blocks, was designed in collaboration with dencityworks | architecture and developers Charney Companies and Tavros. Culminating at 27 stories, the building will offer more than 1,000 residential units, as well as roughly 250 affordable housing options. According to Martin Voelkle of BIG the volumes are characterized by 'a series of purposeful shifts and chamfered corners' designed according to 'programmatic needs and the site's contextual zoning constraints.' Cascading into a descending U-shape, the building opens to the waterfront park linking 2nd and 3rd Streets. According toBrownstoner, the previous 2023 design, characterized by a more deconstructed, sculptural sensibility, was commissioned by previous owners RFR, who have since sold the property to the new developers for about $160 million USD in April. Part of the multi-acre 'Gowanus Wharf' revitalization, the building will be the 4th Gowanus project by Charney and Tavros. The four properties consist of over 2 million sq ft of new development. See the gallery above for a closer look at the proposed design.
Yahoo
01-06-2025
- 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
01-06-2025
- 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
