RFR has sold its development site located at 175 Third St. in Brooklyn’s Gowanus neighborhood. Tavros Capital and Charney Companies acquired the 750,000-square-foot site, among the largest development sites in the newly rezoned Gowanus submarket, for $160 million. After several years of pre-development stewardship, RFR sold the site as a fully entitled development opportunity.
“We’ve always made our mark by staying ahead of the curve,” said Aby Rosen of RFR. “With Gowanus, we recognized the potential early. We secured critical tax incentives, pushed forward a best-in-class design, and positioned the project to meet the area’s surging demand for housing. The result was a standout development opportunity.”
Ackman-Ziff advised RFR on the sale. For Tavros and Charney, the acquisition meant securing two acquisition/pre-development loans, with Silver Point Capital providing $110 million and Tikehau Capital providing $35 million as the mezzanine lender. JLL’s Christopher Peck, Peter Rotchford, Nicco Lupo, Lauren Kaufman and Jonathan Faxon represented the borrowers.
The newly acquired site will support the fourth building in their jointly developed campus Gowanus Wharf. Once completed, 175 Third St. will be the largest building in Gowanus, with approximately one million square feet and 1,000 residential units.
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