Tavros, Charney pay $102M to Property Markets Group for dev site in Gowanus

Tavros Capital and Charney Companies through the entity Gowanus 300 Nevins Street LLC paid $102 million to Property Markets Group through the entity Nevins Street Holdings, LLC for the development site at 318 Nevins Street in Gowanus, Brooklyn.
To finance the purchase, Tavros and Charney Companies through the entity Gowanus 300 Nevins Street LLC as borrower signed an acquisition loan with lender ACORE Capital through the entity Acore Capital Mortgage, LP valued at $45.9 million.

The deal closed on December 30, 2021 and was recorded on January 26, 2022.
The property has 25,430 square feet of built space and 178,622 square feet of additional air rights for a total buildable of 204,140 square feet according to PincusCo analysis of city data. The sale price per built square foot is $4,011 and the price per buildable square foot is $499 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 seller bought the property on December 4, 2012, for $14 million.
The signatory for Property Markets Group was Richard Lam. The signatory for Tavros Capital and Charney Companies was Nicholas Silvers. TerraCRG was the broker on the sale to Tavros and Charney on behalf of the seller, PMG.

The 25,430-square-foot property generated revenue of $509,776 or $20 per square foot, according to the most recent income and expense figures.

(B00611166) Plans for a 72-unit, 32,365 square-foot R-2 were filed on November 18, 2021.
The Real Deal reports the plan for the property includes 660 apartments at 318 Nevins Street.

In Gowanus, the bulk, or 38 percent of the 11.5 million square feet of built space are industrial buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Gowanus has had very little sales volume relative to other neighborhoods with $205.4 million in sales volume in the last two years. For development, Gowanus is the 10th most active neighborhood among other neighborhoods. It had 4.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 35 percent of the neighborhood’s built space.
On the tax block, all properties are industrial.
Within a 400-foot radius of 318 Nevins Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on December 9, 2021 for a 457,854-square-foot R-2 building with 298 residential units at 395 Carroll Street.
One of those three items was a loan which Domain Companies borrowed $31.2 million from CIT Bank secured by the 52,047-square-foot development site (V1) on 420 Carroll Street and one other property on February 6, 2020.

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