With the ink barely dry on the Gowanus rezoning, one of the neighborhood’s larger development properties has traded hands.
Tavros Capital and Charney Companies bought a full-block site at 318 Nevins Street along the Gowanus Canal from Property Markets Group for $102 million, a spokesperson for the buyers told The Real Deal.
Tavros, founded by partners Dov Barnett and Nicholas Silvers, and Sam Charney’s Charney Companies plan to build approximately 660 rental apartments on the property, which has more than 500,000 square feet of buildable space.
It’s one of the first major properties to trade hands since late November, when the City Council approved the rezoning of the largely manufacturing neighborhood to allow mixed-use developments across a roughly 82-block area. City officials estimate the change will allow for more than 8,500 new apartments, 3,000 of which will be set aside as income-restricted.
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Developers such as Rabsky Group, Monadnock Development and Avery Hall Investments have recently filed plans for projects in the neighborhood.
Last week, RXR Development and LBA Logistics paid $123 million for a 760,000-square-foot industrial portfolio on the canal.
The property at 318 Nevins Street sits in an Opportunity Zone between Union and Carroll streets on the eastern side of the canal. Kevin Maloney’s PMG, one of the earliest investors in the neighborhood, paid $14 million for it in 2012, according to property records. TerraCRG brokered the sale to Tavros and Charney on behalf of PMG.
Tavros and Charney have teamed up before. The two companies paid $36.4 million in 2019 to buy the nearby site at 577 Union Street, where they plan to build 214 apartments. The two are probably best known for co-developing the 177-unit Dime rental building in Williamsburg in 2020.