In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, and Ariel Partner, Sean R. Kelly, Esq., interview Justin Pelsinger, COO of Charney Companies, who will be one of the panelists at Ariel’s next Coffee & Cap Rates event 8:30-11 am on Wednesday, July 30.
Pelsinger discussed how and why his firm became a pioneer developer in Gowanus and the recent acquisition by Charney and Tavros Capital of a vested 421-a site at 175 Third Street where the developers are planning 1,000 residences across approximately 1 million square feet. The project will be the fourth building in their Gowanus Wharf campus. When completed, Charney and Tavros will have developed and will own over 2 million square feet and 2,200 residences in Gowanus, making them the largest owner in the neighborhood.
Pelsinger also discussed New York State’s new Housing Policy, which was approved last year, the old 421a tax abatement program versus the new 485x program, and how the 467-m tax incentive is encouraging office to residential conversions.
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