$785M Fuels Massive Gowanus Wharf Expansion in Brooklyn

• Charney Companies, Tavros, and Incoco Capital secured $785 million in debt and equity financing for 175 Third Street in Brooklyn.
• The 27-story mixed-use development will deliver 1,100 apartments, with 25% designated as affordable housing, along with extensive amenities and retail uses.
• The project is the fifth building within the Gowanus Wharf development and is expected to be completed in 2028.

What the Financing Supports

A major piece of Brooklyn's Gowanus redevelopment is moving forward after Charney Companies, Tavros, and Incoco Capital secured $785 million in financing for 175 Third Street, a large-scale mixed-use residential development in the Gowanus neighborhood. The financing package includes $600 million in construction debt provided by Apollo and Affinius Capital, while RXR is contributing $185 million in equity as the project's development partner. The transaction was arranged by JLL Capital Markets, helping fund what will become the fifth and largest building within the expanding Gowanus Wharf campus.

What the Development Includes

Located at 175 Third Street, Brooklyn, NY, the project will rise 27 stories and encompass approximately 1.1 million square feet. Plans call for 1,100 residential units, with 25% of the apartments reserved as affordable housing, continuing the affordability commitments made throughout the Gowanus Wharf master plan. Beyond housing, the development will feature an 85,000-square-foot, three-story Life Time fitness center, a 28,000-square-foot public waterfront esplanade, subsidized artist studios, and approximately 40,000 square feet of resident amenities. Those amenities will include an indoor soccer field, karaoke rooms, an interior courtyard, rooftop spaces, and other shared gathering areas. Altogether, the project will offer roughly 215,000 square feet of indoor and outdoor amenity and public space, making it one of the most amenity-rich residential developments in New York City.

What This Means for Gowanus Wharf

175 Third Street builds on years of investment by Charney Companies and Tavros, which have been developing the Gowanus Wharf district since 2019. Previous phases include 585 Union Street, 251 Douglass Street, and Nevins Landing, developments that collectively add more than 1,100 apartments to the neighborhood while incorporating affordable housing into each project. The team's long-term investment strategy began before the city's Gowanus rezoning was approved, positioning them to help shape one of Brooklyn's largest redevelopment districts. The rezoning paved the way for more than 8,500 new residential units across an 82-block area surrounding the Gowanus Canal.

What This Means for Brooklyn's Housing Market

The latest financing demonstrates continued investor confidence in Brooklyn's multifamily market despite broader economic uncertainty. With strong backing from institutional lenders and equity partners, the project will significantly expand housing supply while enhancing public access to the waterfront and introducing new recreational and community amenities. Construction is expected to continue through 2028, further transforming Gowanus Wharf into one of New York City's largest mixed-use residential neighborhoods.