Tavros, Charney Companies sign $125.5M refi with JLL for 214-unit rental in Gowanus
577 Union Street (Credit - Cyclomedia)
Tavros Capital and Charney Companies through the entity Gowanus Union Street LLC as borrower signed a refi loan with lender JLL through the entity JLL Real Estate Capital, LLC valued at $125.5 million for the 214-unit residential elevator building (D7) at 577 Union Street in Gowanus, Brooklyn.
On the lot, there was a new building construction project, B00621076, for a 214-unit, 167,036 square-foot residential (R-2) building. The project was submitted by Tavros Capital Partners and filed by Dov Barnett with plans filed November 16, 2021 and permitted March 21, 2023.
The deal closed on March 3, 2026 and was recorded on March 6, 2026. The prior lender was OdysseyRe which held debt that had an original loan amount of $107 million.The property has 246,316 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $509 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 owner bought the property on October 17, 2019, for $32.7 million. The signatory for Charney Companies and Tavros Capital was Nicholas Silvers . The signatory for JLL was Teresa Goerish .
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Prior sales, articles and revenue
The owners according to the Department of Housing Preservation and Development includes Sam Charney, head officer and Ryan Bondoc, agent. The business entities are Chtv Property Management Llc and Gowanus Union Street Llc. The 246,316-square-foot property generated revenue of $9.4 million or $38 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 214 residential units in Gowanus has 246,316 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 228 feet and is 190 feet deep with a total lot size of 33,550 square feet. The lot is irregular. The zoning is M1-4/R7A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 million. JLL on March 3, 2026 bought a loan with an original principal of $107.0M from OdysseyRe signed by Kirk Reische, secured by 577 Union Street, when owned by Tavros Capital . The property has 224 rent regulated units according to city tax records from 2024.
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 $935 in OATH penalties in the last year.
Development
The block
On this tax block, PincusCo has identified the owners of two of the 15 commercial properties representing 41,920 square feet of the 89,203 square feet. The two identified owners are Tavros Capital and Solomon Schwimmer.
On the tax block, there were two new building construction projects totaling 189,990 square feet. The largest is a 214-unit, 167,036 square-foot residential (R-2) building submitted by Tavros Capital Partners and filed by Dov Barnett with plans filed November 16, 2021 and permitted March 21, 2023. The second largest is a 34-unit, 22,953 square-foot residential (R-2) building submitted by AGM Deco and filed by Abe Lipton with plans filed May 4, 2022 and permitted June 24, 2024.
The majority, or 71 percent of the 89,203 square feet of built space are industrial buildings, with mixed-use buildings next occupying 17 percent of the space.
The borrower
The PincusCo database currently indicates that Tavros Capital owned at least 10 commercial properties with 1,133 residential units in New York City with 73,358 square feet and a city-determined market value of $40.4 million. (Market value is typically about 50% of actual value.) The portfolio has $100.1 million in debt, with top three lenders as ACORE Capital, Centennial Bank, and Citibank respectively. Within the portfolio, the bulk, or 92 percent of the 73,358 square feet of built space are industrial properties, with C0 properties next occupying 6 percent of the space. They are all located in Brooklyn.
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