JLL secures $174.5M full stack capitalization for new Gowanus development, 175 Third St.

NEW YORK, May 2, 2025 – JLLCapital Markets announced today it has arranged $174.5 million of financing and equity for the acquisition and pre-development of 175 Third St., a planned mixed-use multifamily development to be built in Brooklyn’s burgeoning Gowanus neighborhood.

JLL represented the borrowers – a joint venture of Charney Companies, the development and management firm founded by Sam Charney in 2013, and Tavros Capital, a privately owned New York City-based investment management and development firm. The team arranged $110 million in financing with Silver Point Capital, a global credit investment firm, and $35 million in mezzanine financing from a venture between global alternative asset manager Tikehau Capital and Brodsky Organization. New York City-based investment firm Atlas Capital Group provided $29.5 million of equity.

Once completed, 175 Third St. will be the largest building in Gowanus, with approximately one million square feet and 1,000 residences. 175 Third St. will consist of two high-rise towers with units ranging from studios to three-bedroom apartments. The development will also feature ground floor retail space and state-of-the-art amenities.

Pre-development work is underway at the property, with construction estimated to begin in mid-2026.

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.

Peck commented, “Brooklyn’s booming Gowanus neighborhood will soon be home to a world-class residential development at 175 Third St. With top-of-the-line amenities and a prime location, the asset will be one of the premier properties in all of New York City.”

175 Third St. is situated on a prime waterfront location along the Gowanus Canal. The site is just three blocks away from multiple MTA subway stations and on one of the only two-way, east-west streets in the Gowanus neighborhood, offering commute times of about 10 minutes to downtown Brooklyn, 25 minutes to Lower Manhattan and 35 minutes to Midtown Manhattan.

JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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Founded in 2013, Charney Companies is a fully integrated real estate development, construction, brokerage, and management firm with a focus on developing, owning, and operating first-class residential and commercial real estate in the New York City Metro area. From ground-up construction to adaptive reuse and value-add repositioning, Charney plays an integral role in all aspects of the development process and leverages the expertise and experience of their principals to deliver superior products to the marketplace and best-in-class returns for their investors. Charney owns, operates, and is under construction on two million square feet throughout Brooklyn and Queens, and has won awards and accommodations from municipal organizations and media outlets for their work over the last 5 years. For more information, visit: https://charneycompanies.com/.

Tavros is a privately-owned real estate investment management and development firm. They invest on a discretionary basis, with a strong focus on New York City, and a global investor base of family offices, trusts, high net worth individuals, and institutions. Core to the Tavros discipline is the quality of its partnerships with tenants, investors, and lenders. As an owner and property manager, Tavros aims to ensure a positive experience for its tenants through attention to detail and a focus on quality of life.

Silver Point is a leading global credit investing firm founded in 2002. With a dedicated team of over 350 employees, Silver Point oversees $38 billion in investable assets across a comprehensive credit platform that includes public and private investment strategies. Silver Point's Direct Lending business has delivered customized financing solutions to middle-market companies across a broad range of industries. It works in close partnership with borrowers, developing a thorough understanding of their businesses and addressing a wide variety of capital needs with speed and certainty. Silver Point's flexible mandate is designed to allow clients to execute on M&A activity, refinancings and growth capital, among a range of transaction types. Silver Point's Direct Lending business manages over $16 billion in investable assets. For more information, please visit www.silverpointcapital.com.

The Brodsky Organization is one of Manhattan's most established developers, owners, and managers of residential and commercial spaces in New York City. The Brodsky Organization's relationship with its residents is the foundation of its success. Every element of building life is supported by a dedicated and attentive management team. The Brodsky Organization offers intelligently designed apartments with exceptional views, which are in some of the most desirable neighborhoods in Manhattan and Brooklyn. The company has developed over 10,000 apartments in more than 85 rental, condominium, and co-op buildings. The portfolio ranges from charming brownstones to renovated pre-war doorman buildings, to newly constructed high-rises with extensive building amenities. The neighborhoods span from West and Greenwich Village to Chelsea, Midtown West to Morningside Heights, and Midtown East to Carnegie Hill and Downtown Brooklyn.

Tikehau Capital is a global alternative asset management Group with €50.6 billion of assets under management (at 31 March 2025).Tikehau Capital has developed a wide range of expertise across four asset classes (credit, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.2 billion of shareholders’ equity at 31 December 2024), the Group invests its own capital alongside its investor-clients within each of its strategies .Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 750 employees (at 31 March 2025) across its 17 offices in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: :FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com

Atlas Capital Group, LLC is a full-service real estate investment, development, and management firm. The firm was founded in 2006 by Jeffrey A. Goldberger and Andrew B. Cohen to invest in opportunistic and value-added real estate transactions in core gateway cities, with a primary focus on New York and Los Angeles. Atlas’ vertically integrated team includes more than 100 professionals staffed across real estate disciplines, including construction, leasing, development, asset management, property management, accounting, and legal. To date, Atlas has invested over $4 billion of equity in the United States across 65 office, retail, residential, hotel, industrial, and mixed-use real estate investments comprising over 14 million square feet and $7 billion of total capitalization.