Charney Companies and Tavros Acquire Gowanus Development Site for $164M
A joint venture between Charney Companies and Tavros Capital has acquired a major development site at 175 Third Street in Brooklyn’s Gowanus neighborhood for approximately $164 million, positioning the property for one of the largest residential projects planned in the area.
The site was purchased from RFR Realty, which originally acquired the property in 2018 for roughly $115 million and completed several pre-development steps including environmental remediation, permitting work, and site preparation before the sale.
The acquisition is part of the developers’ broader Gowanus Wharf development initiative, a multi-building residential campus planned along the Gowanus Canal.
Plans for a Major Residential Development
The developers plan to construct a large mixed-use residential project spanning more than one million square feet on the site.
Preliminary plans call for:
- approximately 1,000 rental apartments
- ground-floor retail space
- a public waterfront esplanade along the canal
When completed, the building is expected to become one of the largest residential developments in the Gowanus neighborhood.
The project is being designed by Bjarke Ingels Group (BIG), an internationally recognized architecture firm known for large urban developments.
Part of the Gowanus Wharf Development
The project will be the fifth building within the Gowanus Wharf development program, a series of residential projects developed by Charney and Tavros along the eastern side of the canal.
Once the new tower is completed, the developers will have delivered more than 2.2 million square feet of residential development across the neighborhood, making them among the most active developers in the Gowanus submarket.
Wellness Anchor Tenant Planned
The development will also include a large Life Time athletic club, which has signed a lease for more than 85,000 square feet within the building.
The facility is expected to include:
- rooftop pools
- wellness and recovery areas
- fitness and coworking spaces
- indoor sports facilities
The wellness center is expected to serve as a major amenity for residents and visitors to the neighborhood.
Gowanus Redevelopment Boom
The acquisition reflects the rapid transformation of the Gowanus neighborhood following a major rezoning initiative that opened the area to large-scale residential development.
The rezoning is expected to bring thousands of new housing units to the formerly industrial district as environmental cleanup efforts continue along the canal.
Large waterfront development sites such as 175 Third Street have become increasingly attractive to developers seeking to capitalize on the neighborhood’s evolving residential market.
Final Thoughts
The acquisition of 175 Third Street highlights continued investor confidence in Brooklyn’s emerging Gowanus residential market.
With a major rezoning, improved infrastructure, and proximity to established neighborhoods such as Park Slope and Carroll Gardens, the area is rapidly evolving into one of the most active residential development corridors in New York City.
Projects like the Charney and Tavros development are expected to play a major role in shaping the next phase of the neighborhood’s growth.
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