Union & Carroll: Real Estate Investment Offering On CrowdStreet

Real estate investment platform CrowdStreet launched an offering for a mixed-use development in Brooklyn, New York.

The Union & Carroll mixed-use development will feature two buildings consisting of multifamily housing, retail businesses and amenity space totaling 601,775 square feet. The Class A multifamily development will have a total of 654 residential units and 48,000 square feet of retail space. The development will also have a market-defining amenity package. The amenity package will include a fitness center, wellness spa, sauna, steam room, swimming pool and terrace lounges.

Located in Brooklyn’s Gowanus neighborhood, the development is in a recently rezoned area formerly reserved for industrial use. The site is surrounded by high-income neighborhoods and is adjacent to the Gowanus Canal, an area being transformed into a waterfront attraction featuring restaurants and retail. The Gowanus neighborhood recently was named the No. 1 Opportunity Zone in the Country as measured by household income growth. Additionally, Urban Land Institute cited the neighborhood as the No. 1 Multifamily Investment Market for 2023 based on a survey of industry professionals. 

The development benefits from unique tax advantages that derisk the venture for investors. Investors can invest qualified capital gains to take advantage of significant tax benefits, including the deferral of capital gains until Dec. 31, 2026. Investors also have the potential to eliminate taxes on new capital gains if they hold the investment for at least 10 years.

The project also will take advantage of the Affordable New York 421a Program, a tax abatement program that provides a 100% real estate tax exemption for up to three years during construction. The taxes are paid during construction and then refunded at completion. 

The project is expected to be completed in the second quarter of 2025, with lease stabilization occurring in the second quarter of 2026. Development sponsors Tavros Holdings and Charney Companies are combining their knowledge, expertise and resources on this ground-up development project.

Founded in 2009, Tavros Holdings is a privately owned real estate investment management and development firm that targets New York City projects. Tavros develops and manages properties across a range of markets and products but focuses on ground-up development and repositioning of income-producing projects in Manhattan, Brooklyn and Queens. The firm’s track record includes a total capitalization of nearly $2.6 billion and development of over 3.1 million square feet. 

Charney Companies is a fully-integrated real estate development, construction and management firm founded in 2013. The firm focuses on first-class residential and commercial real estate in the New York City metro area. Charney either owns, operates or is developing over 2 million square feet throughout Brooklyn and Queens. Charney has managed a total capitalization of over $1.7 billion since its inception.

Investment in Union & Carroll is open for prospective investors, and the minimum investment is $25,000.

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