Charney Companies and Tavros Capital closed $785 million in construction financing on June 25 for 175 Third Street, the largest single phase of their Gowanus Wharf campus and one of the biggest construction starts the 2021 Gowanus rezoning has produced to date.
The capital stack: Apollo/Affinius Capital supplied $600 million in construction debt, RXR put in $185 million in equity, and co-developer Incoco Capital rounds out the deal, according to the developers' own announcement and reporting by The Real Deal. Total capitalization on the project runs close to $1 billion. The building itself is a Bjarke Ingels Group design — 27 stories, roughly 1.1 million square feet, about 1,071 units with roughly a quarter set aside as affordable housing.
The site has been moving for over a year: Charney and Tavros bought the parcel for $160 million in April 2025, the City Planning Commission approved the project that April, and demolition, excavation and foundation permits followed through the summer of 2025. Foundation and remediation work has continued on site through 2026, with a full construction start expected this year now that financing is in place.
For contractors, the scale is the story. A 1.1-million-square-foot, 27-story tower needs structural, facade, MEP, elevators and finish trades on a scope most Gowanus-corridor jobs don't come close to — and it lands alongside 175 Third Street's sibling Gowanus Wharf phases: Union Channel at 240 Third Avenue (completed 2025), Douglass Port at 251 Douglass Street (leasing since early 2026), and Nevins Landing South at 340 Nevins Street (leasing since July 2026). Charney and Tavros now control more than 2,000 units across the corridor, making them its largest private builders by a wide margin.
No general contractor or subcontractor bid has surfaced publicly yet — the financing close is the news, not a bid opening. Contractors chasing this job should watch DOB permit filings at 175 Third Street and Charney/Tavros's own project announcements for the next signal: a GC name, then a subcontractor bid list.