Tavros, Charney, Incoco sign $140M new construction loan with TYKO for 306-unit project in Gowanus

Tavros Capital, Charney Companies, and Incoco Capital through the entity Gowanus Nevins North LLC as borrower signed a new construction loan with lender TYKO Capital through the entity Nevins Debt Lender LLC valued at $140 million for the 306-unit project at 498 Union Street in Gowanus, Brooklyn.

Charney Companies filed plans for a 306-unit residential (R-2) building submitted by Charney Companies and filed by Samuel Charney under job number B00611202 on November 18, 2021 and permitted February 14, 2022
The loan closed on June 10, 2024 and was recorded on July 3, 2024. The prior lender was Acore Capital.

The owner bought the property on December 30, 2021, for $102 million. The signatory for Tavros Capital, Charney Companies, and Incoco Capital was Nicholas Silvers. The signatory for TYKO Capital was Adi Chugh. The Commercial Observer reported on the loan last month, stating it was $300 million in total, for 668 market-rate and affordable units. The Tyco loan is $140 million for 310 Nevins Street also known as 498 Union Street (this project is on the north parcel) and Affinius Capital and Kennedy Wilson provided $160 million for 340 Nevins Street also known as 417 Carroll Street, which has not yet been recorded, and is on the south parcel.  TYKO is a joint venture between Chugh and Elliott Investment Management.

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 $7,500 in ECB penalties and $7,500 in OATH penalties in the last year.

The neighborhood

In Gowanus, The bulk, or 46 percent of the 9.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 2.5 times the average sales volume among other neighborhoods with $671.8 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Gowanus has 2.5 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 29 percent of the neighborhood’s built space.

The borrower

The PincusCo database currently indicates that Charney Companies owned at least 16 commercial properties with 143 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.

The PincusCo database currently indicates that Tavros Capital owned at least eight commercial properties with four residential units in New York City with 67,038 square feet and a city-determined market value of $22.6 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 67,038 square feet of built space are industrial properties, with C0 properties next occupying 7 percent of the space. They are all located in Brooklyn.

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