The development, 585 Union Street, is in a qualified opportunity zone and will offer over 50 affordable housing units.
BROOKLYN, N.Y., Jan. 30, 2023 /PRNewswire/ — Canyon Partners Real Estate LLC (“Canyon“), Tavros Holdings (“Tavros“), and Charney Companies (“Charney“) today announced their joint venture for the development of 585 Union Street (the “Project“), a 224-unit multifamily development located in the Gowanus neighborhood of Brooklyn, NY, a qualified opportunity zone.
The Project is being capitalized with $57.7 million of equity, and the joint venture simultaneously closed on a $107.0 million senior construction loan from Pacific Western Bank. Canyon’s investment marks Canyon’s eleventh qualified opportunity zone investment, totaling $1.2B of project capitalization.
“Gowanus’s industrial beauty and artistic character makes it one of the most exciting cultural hubs in New York City, and we couldn’t be more thrilled to be a part of its expansion,” said Nicholas Silvers, founding partner at Tavros. “We are looking forward to adding housing to such a dynamic neighborhood with the help of a capital partner who shares the same vision.”
585 Union Street is located in the Gowanus neighborhood of Brooklyn, NY. The Project will benefit from its close proximity to diverse entertainment, transportation, and employment hubs within walking distance, including the many dining and entertainment options unique to the Gowanus neighborhood, the Barclays Center, and a Whole Foods. The Project is located one block from the Union Street subway station which provides access to Lower Manhattan, Times Square and Union Square, all within 35 minutes. The property is conveniently located near public parks, schools, restaurants, and museums. The development will offer a mix of studio, one-, two- and three-bedroom units along with parking, a fitness center, and a rooftop pool among other community amenities. Twenty-five percent of available units will be allocated to affordable housing and benefit from the Affordable New York housing program. In addition, the Project design will feature an entirely electric building, with flood resistant landscaping and plantings.
“The opportunity to create new rental homes in Gowanus, the most eagerly anticipated neighborhood in Brooklyn, has been a journey of perseverance and challenging work, which has been supported by a world-class team of professionals, colleagues and of course, our financial partners,” added Sam Charney, Principal of Charney Companies. “This is yet one more step to 585 Union Street becoming a reality, and I couldn’t be more excited.”
About Canyon Partners Real Estate, LLC
Founded in 1991, Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $24.5 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $17.6 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 31 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts).
For more information visit: www.canyonpartners.com.
Founded in 2009, Tavros invests 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.
For more information visit: https://www.tavroscapital.com/
About Charney Companies:
Founded in 2012 Charney Companies is a fully integrated real estate development, construction, 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 over 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/
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SOURCE Canyon Partners LLC