New York & Tri-State + Outer + Apartments | January 30, 2023

A joint venture of Canyon Partners Real Estate, Tavros Holdings and Charney Companies will develop a 224-unit multifamily project in Gowanus, Brooklyn

Canyon Partners JV to Develop Multifamily in Gowanus

Canyon Partners Real Estate LLC, Tavros Holdings and Charney Companies formed a joint venture to develop 585 Union St. The 224-unit multifamily development is located within a Qualified Opportunity Zone in the Gowanus neighborhood of Brooklyn.

The project is being capitalized with $57.7 million of equity, and the JV simultaneously closed on a $107-million senior construction loan from Pacific Western Bank. Canyon’s investment marks its 11th QOZ investment, totaling $1.2 billion of project capitalization.

“Gowanus’s industrial beauty and artistic character makes it one of the most exciting cultural hubs in New York City, and we couldn’t be more thrilled to be a part of its expansion,” said Nicholas Silvers, founding partner at Tavros.

Twenty-five percent of available units will be allocated to affordable housing and the project design will feature an entirely electric building, with flood resistant landscape and plantings.

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Canyon PartnersTavros HoldingsCharney Companies

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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