Charney Cos. & Tavros Holdings Break Ground On 654-Unit Gowanus Multifamily Project

A dynamic partnership between Charney Cos. and Tavros Holdings is embarking on an exciting venture in Brooklyn's Gowanus neighborhood. With a forward-thinking vision, they have commenced the construction of a multifamily project comprising 654 units. Acquiring the site for $102 million in 2022, these renowned developers are reshaping the area following the transformative 82-block Gowanus rezoning.

Comprising two elegant residential towers, the project boasts a blend of affordability and luxury, offering 154 units that cater to diverse housing needs. Designed by the esteemed Fogarty Finger Architects, this undertaking has been made possible through the utilization of the state's innovative Brownfield Cleanup Program. Strategically situated at 320 and 340 Nevins St., this prime address grants residents the luxury of being a mere stone's throw away from Manhattan while enjoying the convenience of public transportation options just steps from their doorstep.

Gowanus Neighborhood Mixed Income Housing Development Program: Breathing Life into the Community

The Gowanus Neighborhood Mixed Income Housing Development Program aims to unlock more than 5,300 housing units, offering a glimmer of hope for those searching for affordable residences. With 1,400 affordable homes in the pipeline, this program holds the potential to transform lives by providing a secure and vibrant community.

Hindered by the expiration of the 421-A affordable housing program, the development of these housing units was at a standstill. However, under the watchful eye of the Empire State Development, a new plan has emerged. The program will extend tax breaks, similar to the 421-A, capitalizing on the recent rezoning efforts. By making payments in lieu of taxes at a discounted rate, property owners will contribute to the revitalization of the area. The state will acquire the sites and lease them back through long-term ground leases, ensuring that the benefits of this program are accessible to all.

A Thriving Community Takes Shape

In a dynamic display of progress, a multifamily development is underway at 251 Douglass St., set to bring a new wave of vibrancy to its neighborhood. This project, a collaborative effort between Charney, Tavros, and Canyon Partners Real Estate, aims to reshape the landscape with its 260-unit marvel. Commencing its transformative journey in August 2023, construction is expected to reach completion by the fourth quarter of 2024. To make this vision a reality, an impressive equity investment of $64.4 million has been dedicated, alongside a $119.9 million senior construction loan.

As part of a broader housing initiative directly aligned with the New York Governor’s FY 2025 Executive Budget, the Gowanus program seizes the opportunity to meet the demands of the thriving community. Designed to address the pressing need for housing supply, this program incentivizes the creation of new units, particularly within office conversion projects. In a bold move, Governor Hochul has also proposed a $500 million fund to facilitate the construction of up to 15,000 residential units on state-owned land. The stage is set for a remarkable transformation, breathing new life into the very fabric of this captivating neighborhood.

A Thriving Hub of Development

Step into the dynamic world of Brooklyn's multifamily real estate market, where growth and opportunity abound. According to Yardi Matrix data, a staggering 18,400 units span across 64 properties, contributing to the borough's ongoing transformation. Among these properties, 20 are fully affordable, while 33 offer partially affordable options.

Over the course of 2023, developers have made their mark by introducing nearly 3,200 new residences across 11 properties. Each new addition adds to the vibrant tapestry of Brooklyn's housing landscape, responding to the ever-increasing demand for comfortable and affordable homes.

As developers continue to take full advantage of the borough's potential, Brooklyn remains a hotbed of construction activity, ushering in a new era of residential possibilities. With its diverse range of offerings and a commitment to affordability, the multifamily pipeline in Brooklyn promises a bright future for those seeking a place to call home.