CO-DEVELOPERS CHARNEY COMPANIES, TAVROS, AND INCOCO CAPITAL CLOSE ON BILLION DOLLAR CONSTRUCTION CAPITALIZATION FOR 175 THIRD STREET IN GOWANUS
Rhea-AI Summary
JLL (NYSE:JLL) arranged the construction capitalization for 175 Third Street in Gowanus Wharf, co-developed by Charney Companies, Tavros, and Incoco Capital. Affiliates of Apollo and Affinius are providing $600 million in debt, with RXR contributing $185 million in equity.
The 27-story project is expected to be Gowanus' largest building, with about 1.1 million square feet and nearly 1,100 residences, 25% permanently affordable. Plans include a 28,000-square-foot public waterfront esplanade and an 85,000+ square-foot, three-story Life Time fitness club and spa.
Positive
- JLL arranges $600 million in construction debt for 175 Third Street
- JLL arranges $185 million in project equity from RXR
- Project totals about 1.1 million sq ft and ~1,100 residences
- 25% of units designated as permanently affordable housing
- 28,000 sq ft public waterfront esplanade planned along Gowanus Canal
- Life Time signs 85,000+ sq ft multi-level fitness club lease
Negative
- None.
News Market Reaction – JLL
In the Jun 25 session, JLL gained 1.33%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 04 | Construction financing deal | Positive | +3.4% | Arranged $870M senior construction loan for ultra-luxury Lake Austin project. |
| Jun 03 | Fortune 500 ranking | Positive | -2.3% | Climbed to #175 on Fortune 500 list, reflecting strong revenue performance. |
| May 06 | Resort refinancing | Positive | +2.3% | Arranged $600M refinancing for The Diplomat Beach Resort via CMBS execution. |
| May 05 | Resort sale & financing | Positive | +1.0% | Handled $835M sale and $690M financing of JW Marriott Marco Island resort. |
| Apr 30 | Quarterly earnings | Positive | -6.1% | Reported strong Q1 2026 revenue and EPS growth but shares fell post-release. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
JLL often posts positive reactions to large capital markets deals, but earnings and recognition headlines have seen occasional negative follow-through.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Apollo and Affinius affiliates providing
Apollo and Affinius Capital LLC are providing
"Securing this financing with Apollo, Affinius, and RXR validates both the strength of 175 Third Street and our long-term commitment to this waterfront community," said Justin Pelsinger, Partner and COO at Charney Companies. "We are excited to begin construction on this transformative building alongside the canal, and we expect it, and our other properties at Gowanus Wharf, to enhance the dynamic of living and lifestyle in the neighborhood."
Designed by renowned architect Bjarke Ingels Group (BIG), the property brings resilient design, more affordable housing and a 28,000-square-foot public waterfront esplanade to Gowanus created by Field Operations in collaboration with the NYC Department of Parks & Recreation. Life Time has also signed a lease in the building for a three-story fitness club and spa, covering more than 85,000 square feet.
"175 Third Street will be Gowanus' most significant development and one of the most prominent in both
"We are excited about our continued partnership with both Tavros and Charney Companies and our joint vision for 175 Third Street," said Fa Park, CEO and Founder of Incoco Capital. "With market-leading retail partners already signed on and an impressive, innovative design from Bjarke Ingels, we know this project will be recognized worldwide."
"We continue to focus on backing experienced sponsors on high-quality assets where execution and alignment matter most," said Affinius Capital Managing Director David Greenburg. "175 Third Avenue reflects both the strength of our long-standing relationship with the sponsors and the opportunity to partner with Apollo in delivering a tailored financing solution."
"This property represents a high-quality, large-scale multifamily development with strong fundamentals in one of
"We are excited to partner with Charney Companies and Tavros on 175 Third Street, a high-quality residential development, a project that exemplifies the kind of impactful, community-transforming development we seek to support, providing much-needed housing in the Gowanus neighborhood," said Russ Young, Head of Investments at RXR. "This investment reflects RXR's commitment to delivering creative capital solutions tailored to the unique needs of best-in-class development teams. Charney and Tavros have built something special at Gowanus Wharf, and we look forward to helping bring their vision for 175 Third Street to life."
The JLL Debt team that arranged the financing was led by Senior Managing Directors Christopher Peck and Peter Rotchford and Senior Director Nicco Lupo.
"What resonated with capital was the combination of a premier location, a truly differentiated residential offering, and sponsors who have already demonstrated their ability to execute in this neighborhood," said Peck. "Charney, Tavros, Incoco Capital, and RXR bring deep local expertise and a proven track record, making 175 Third one of the most compelling large-scale development opportunities we've seen in
"We look forward to contributing to the vision of Charney Companies and Tavros with our Life Time athletic country club experience at 175 Third Street," said Parham Javaheri, Life Time Executive Vice President, Chief Property Development Officer and President of Club Operations. "Life Time is uniquely positioned to serve as a cornerstone in one of
About Charney Companies
Founded in 2013, Charney Companies is a fully integrated real estate development, construction, brokerage, and management firm focused on developing, owning, and operating first-class residential and commercial real estate in the
About Tavros
Tavros is a privately-owned real estate investment management and development firm. They invest on a discretionary basis, with a strong focus on
About Incoco Capital
Incoco Capital is a privately held investment firm with offices in
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately
About Affinius Capital LLC
Affinius Capital® is an integrated institutional real estate investment firm focused on value-creation and income generation. With a 40-year track record and
About RXR
RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in
About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of
About Life Time:
Life Time (NYSE: LTH) empowers people to live healthy, happy lives through its more than 185 athletic country clubs across the U.S. and Canada, the complimentary and comprehensive Life Time app featuring its L•AI•C™ AI-powered health companion, and more than 30 iconic athletic events. Serving people ages 90 days to 90+ years, the Life Time ecosystem uniquely delivers healthy living, healthy aging, and healthy entertainment experiences, a range of unique healthy way of life programs, highly trusted LTH nutritional supplements, and more. Recognized as a Great Place to Work®, the company is committed to upholding an exceptional culture for its 43,000 team members.
CONTACTS: | Barbara Wagner | Valentina Parra |
Barbara Wagner Communications | Barbara Wagner Communications | |
(917) 751-4387 | (516) 589-2975 | |
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SOURCE Gowanus Wharf