Charney Companies, a renowned property developer, has acquired a historic residential building in Williamsburg, Brooklyn, according to information from Commercial Observer. The company purchased the five-storey building at 143 Roebling Street, comprising 49 loft and rental units, from the Los Angeles-based institutional financier Calmwater Capital for $20 million (according to the buyer).
The property had been vacant for several years. Charney intends to comprehensively refurbish the building, which was constructed in 1907 and served as both a residential and retail property. It once housed the popular Roebling Tea Room.
Justin Pelsinger, Chief Operating Officer of Charney, expressed his delight at the acquisition, emphasising their commitment to restoring and modernising this "neighbourhood jewel" to serve Brooklyn residents for generations to come.
Financing and Potential
BH3 Fund Advisors provided $30 million in financing for the acquisition, pre-development, and planning of the project. Adam Falk, Principal and Co-Portfolio Manager at BH3, highlighted that "Charney has a track record of delivering exceptional projects in Brooklyn and beyond. This property is now in the hands of a sponsor team that can unlock its potential after nearly a decade of inactivity." Falk added that Charney's track record, combined with BH3's experience in New York City, would help the property integrate with the surrounding neighbourhood.
Calmwater Capital was previously a lender to the former owner of 143 Roebling, RedSky Capital. The company took over the building at the corner of Metropolitan Avenue in January 2022 through a foreclosure with a valuation of $82.7 million, according to land registry data.
Calmwater Capital was represented in the current transaction by Ethan Stanton, Brendan Maddigan, and Michael Mazzara of JLL. The brokerage firm worked directly with Charney Companies.
Activities of Charney Companies
Charney Companies, founded in 2013, has a diversified portfolio as a development, brokerage, and management company. Charney is currently collaborating with Tavros on the development of Gowanus Wharf, a four-building rental complex in Brooklyn that is expected to bring over 2,000 new units to the transforming area.
