An attention-grabbing design by prominent Brooklyn architecture firm Bjarke Ingels Group, or BIG, for a parking lot on the corner of Third Avenue and Third Street in Gowanus seems unlikely to move forward now that the property has changed hands.
While the new owners declined to comment specifically on their plans for the design, commissioned by the site’s previous owner, they did tell Brownstoner they intend to build a 1,000-unit residential development with 1 million square feet — more than twice the size of the previous project.
The three-acre site alongside the Gowanus Canal at 175 Third St. comes already remediated and with a valuable 421-a tax break. Developers Tavros Capital and Charney Companies purchased it for $160 million from developer RFR, the seller announced earlier this month.
Charney Companies COO Justin Pelsinger told Brooklyn Paper’s sister site Brownstoner via email that the Third Street parcel was “a truly scarce opportunity — one of the final large-scale multi-family development parcels left in Gowanus, and indeed, much of Brooklyn,” and said the investment reflects the developers’ commitment to shaping the neighborhood’s future.
Across the street from Whole Foods and running along Third Street from Third Avenue to the canal and the Third Street Bridge in front of Powerhouse Arts, the property will be the fourth Gowanus project for the company. Used as a Verizon parking lot for decades, it contains a brick building on one side and a metal shed on the other.
The developers have worked with architecture firm Fogarty Finger on their three other developments in the neighborhood, known collectively as Gowanus Wharf, although they are not adjacent. Gowanus Wharf comprises Nevins Port at 320 and 340 Nevins St., Union Channel at 240 Third Ave. and Douglass Port at 251 Douglass St.. Union Channel, the farthest along, has held an affordable housing lottery and recently started leasing.
The acquisition of 175 Third St. brings their projects in the area to a total of 2,200 units and more than two million square feet under development, Pelsinger said.
Bjarke Ingels Group imagined a striking waterfront structure tiered like a wedding cake, with a walkable public ramp winding past apartments to the top of the building, and a lush canal-side park open to the public. The design included 450 apartments over 651,433 square feet.
The property comes with eligibility for the Brownfield Credit Program. RFR, which purchased the site in 2018 for $115 million, secured the incentives, conducted environmental remediation, and obtained excavation and foundation permits before the sale, according to the company.
To finance the purchase, Tavros and Charney secured $145 million from Silver Point Capital, The Brodsky Organization, and Tikehau Capital, according to The Real Deal.
Previous owner RFR “recognized potential in Gowanus early and secured critical tax incentives, pushed forward a best-in-class design, and positioned the project to meet the area’s surging demand for housing,” RFR principal Aby Rosen said in a prepared statement.
As of now, Tavros and Charney have not filed any new new building permits or released updated design plans for the site.
This story first appeared on Brooklyn Paper’s sister site Brownstoner
