RFR announced it sold its development site at 175 3rd St. in Brooklyn’s Gowanus neighborhood. Tavros Capital and Charney Companies acquired the 139,865-square-foot site — one of the largest in the newly rezoned Gowanus submarket — for $160 million. After several years of pre-development stewardship, RFR sold the site as a fully entitled development opportunity.
RFR added significant value to the site by collaborating with Bjarke Ingels Group on a host of world-class design schemes while also working diligently over several years to secure an extension of the 421a tax abatement. Additionally, RFR vacated the site and obtained excavation and foundation work permits, managed a significant environmental remediation program and qualified the site for critical tax incentives such as the Brownfield Credit Program.
RFR acquired the three-acre site for $115 million in 2018, more than three years before the city’s rezoning of the neighborhood to allow for more multifamil
