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New York

In for a Dime: Williamsburg apartments asking big price tag

Tavros and Charney look to sell new rental building for $165M

Dov Barnett (founding partner, Tavros Capital), Sam Charney (principal, Charney Companies) and the Dime in Williamsburg (StreetEasy, The DIME)
Dov Barnett (founding partner, Tavros Capital), Sam Charney (principal, Charney Companies) and the Dime in Williamsburg (StreetEasy, The DIME)

The owners of one of Williamsburg’s newest apartment buildings aim to sell the tower in what could be one of the first big multifamily deals in Brooklyn this year.

Tavros Capital Partners and Charney Companies are looking to get about $165 million for the rental portion of the Dime apartment tower, sources with knowledge of the offering told The Real Deal. A representative for Tavros and Charney declined to comment.

The Dime, which sits near the base of the Williamsburg Bridge at 275 South 5th Street, was completed in 2020. It’s named after the landmarked Dime Savings Bank of Williamsburg building, which was converted into retail as part of the development of the 23-story tower.

A buyer could boost income at the property by allowing the concessions offered during the initial lease-up to phase out, according to a marketing brochure from Cushman & Wakefield, where a team led by Adam Spies and Adam Doneger is leading the marketing effort.

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The offering is for the 177 rental apartments, roughly 23,000 square feet of amenity space and 267 parking spaces. The mixed-used Dime also includes office and retail portions, which are not included in the offering.

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The property has a 35-year tax abatement through 2055 under the Affordable New York program. To get the tax benefit, the developer set aside 30 percent of the units as income-restricted for renters earning no more than 130 percent of the area median income.

Multifamily continues to be one of the hottest sectors in real estate. In Manhattan, Josh Gotlib’s Black Spruce Management agreed in December to buy the American Copper Building from Michael Stern’s JDS Development Group and Baupost Group for $850 million.

And the Blackstone Group signed a deal to buy the Gehry building at 8 Spruce Street from Brookfield Asset Management and Nuveen for $930 million.

On the other side of the East River, Hubb NYC paid $116 million in December for the 169-unit rental building at 247 North 7th Street in Williamsburg. It was the largest multifamily purchase in the neighborhood since January 2020.

And RXR Realty recently closed on its $220 million purchase of the rental portion of CIM Group and LIVWRK’s 85 Jay Street luxury development in Dumbo.

Tavros, founded by partners Dov Barnett and Nicholas Silvers, and Sam Charney’s Charney Companies recently teamed up to buy a large development site in Gowanus for $102 million.

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Tavros Development Partners