Charney Companies signs $85M construction loan for 182-unit condo in Fort Greene, full loan totals $135M

Charney Companies through the entity 95 Rockwell Property Owner LLC as borrower signed a new construction loan with lender Madison Realty Capital through the entity 95 Rockwell 1 LLC valued at $85 million for the 182-unit condominium development at 95 Rockwell Place in Fort Greene, Brooklyn. The $85 million is the secured portion of the $135 million total that BH3 Fund Advisors and Madison Realty Capital provided Charney Companies, as disclosed in a press release last week.
The deal closed on May 2, 2025 and was recorded on May 12, 2025. The property has 30,000 square feet of built space and 60,300 square feet of additional air rights for a total buildable of 60,300 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,833 and the price per buildable square foot is $1,409 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Charney Companies was Samuel Charney .

The property

The development building in Fort Greene has 30,000 square feet of built space and 60,300 square feet of additional air rights for a total buildable of 60,300 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,030 square feet. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received four DOB violations, $9,900 in ECB penalties, and $9,900 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, B00948534, for a 158-unit, 161,253 square-foot R-2 building. The project was submitted by Charney Companies and filed by Samuel Charney with plans filed October 20, 2023 and it has not been permitted yet.

The neighborhood

In Fort Greene, The bulk, or 34 percent of the 12.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Fort Greene has 2.2 times the average sales volume among other neighborhoods with $573.5 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Fort Greene has had very little major development activity relative to other neighborhoods.It had 714,835 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block, there were two new building construction projects totaling 812,661 square feet. The largest is a 123-unit, 651,408 square-foot residential (R-2) building submitted by Michael Arman with plans filed September 26, 2014 and permitted July 22, 2015. The second largest is a 158-unit, 161,253 square-foot residential (R-2) building submitted by Charney Companies and filed by Samuel Charney with plans filed October 20, 2023 and it has not been permitted yet.

The majority, or 72 percent of the 106,504 square feet of built space are specialty buildings, with office buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Charney Companies owned at least 16 commercial properties with 1,054 residential units in New York City with 221,821 square feet and a city-determined market value of $51 million. (Market value is typically about 50% of actual value.) The portfolio has $114.6 million in debt, with top three lenders as Madison Realty Capital, Arbor Realty Trust, and Santander Bank respectively. Within the portfolio, the bulk, or 35 percent of the 221,821 square feet of built space are specialty properties, with elevator properties next occupying 29 percent of the space. The bulk, or 37 percent of the built space, is in Queens, with Manhattan next at 35 percent of the space.

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