Renderings Released for the Final Development in the Gowanus Wharf Master Plan
Co-developers Charney Cos. and Tavros Capital recently released a rendering of the proposed mixed-use development at 175 3rd Street. The approximately 1 million-square-foot two-tower project located along the Gowanus Canal will yield 1,000 rental residential units. The building will be the final component of the Gowanus Wharf master plan as part of the revival of Brooklyn’s Gowanus neighborhood that “centers on the 100-foot-wide, 1.8-mile-long Gowanus Canal.” The new 3rd Avenue project will also include retail space and a 37,000-square-foot waterfront esplanade designed by landscape architect James Corner Field Operations that will be constructed to the west of the building. The 120,793-square-foot site, or about 2.77-acres, originally comprised three tax lots purchased in 2018 for $115 million by RFR Realty, the developer subsequently selling the site for reportedly more than $160 million last fall. Financing for the transaction that has yet to hit city records was recently secured by Charney and Tavros in the amount of $174.5 million to fund the acquisition and pre-development phase. The package included a $110 million senior loan from Silver Point Capital, $35 million in mezzanine financing from the partnership of Tikehau Capital and the Brodsky Organization, and $29.5 million in equity contributed by Atlas Capital Group according to the press release by New York Yimby. The three other developments within the master plan include the 246,316-square-foot, 224-unit mixed-use development dubbed Union Channel located at 240 3rd Avenue, the 250,496-square-foot, 261-unit mixed-use development dubbed Douglass Port located at 251 Douglass Street — both of which were delivered in the last two years. The third development that is still under construction at 320-340 Nevins Street is dubbed Nevins Landing; and upon delivery, the two-tower project will yield a combined 600,000 square feet and 654 housing units. Gowanus Wharf will create a combined total of more than 2 million square feet of new building area upon full construction completion, yielding about 2,200 residential units of which a portion is designated for affordable housing.