An analysis of New York's top real estate news by TRD's Kathryn Brenzel 
Dov Barnett (Founding Partner, Tavros Capital), Sam Charney (Principal, Charney Companies) & map of 318 Nevins Street (Tavros Capital, Charney Companies, Google Maps, iStock) A major development site in Gowanus just traded hands. Tavros Capital and Charney Companies picked up 318 Nevins Street for $100 million from Property Markets Group, Rich Bockmann reports.
The developers plan a 660-unit apartment building on the site. By law, a portion of the units will be set aside for low- and moderate-income tenants. The site is across the Gowanus Canal from another PMG site at 267 Bond Street, where the developer recently filed plans for a 344-unit project.
PMG bought the Nevins Street site in 2012 for $14 million. The latest deal, brokered by TerraCRG, almost certainly hinged on approval of the Gowanus rezoning, which transformed the 82-block area from a manufacturing to mixed-use district. The zoning change, approved in November, is expected to create more than 8,500 apartments, with 3,000 of them affordable.
Tavros and Charney are also raising a 214-apartment building at 577 Union Street, around the corner from the Nevins site.
Since October, several developers have filed Gowanus plans, including Rabsky Group, Monadnock Development and Avery Hall Investments. Domain Companies and the Vorea Group filed plans for two projects a few weeks before the rezoning was finalized. These and other developers were likely also driven by the expected expiration of the 421a tax exemption.
In a recent interview with TRD, TerraCRG’s Ofer Cohen said he expects sites with pre-approved plans to come to market in the first half of 2022. After that, the forecast gets murky.
“The market is overwhelmingly understanding that this program is going to expire. There is probably going to be a gap,” Cohen said. “The inability to price what the program is going to look like is paralyzing."
What we’re thinking about: Has Omicron disrupted your company’s return to office plans? Send a note to kathryn@therealdeal.com.
CLOSING TIME Residential: The priciest residential closing recorded Monday was $6.8 million for a co-op at 1185 Park Avenue in Carnegie Hill. Commercial: The most expensive commercial closing of the day was $45.8 million for a warehouse at 58-38 Page Place in Maspeth, Queens. BREAKING GROUND The largest new building filing of the day was for a 261,000-square-foot, mixed-use building at 55 Willoughby Street in Downtown Brooklyn. John Evans of Lonicera Partners filed the permit application. NEW TO THE MARKET The priciest residence to hit the market was a condo at 50 West Street in the Financial District at $45 million. Time Equities has the listing. 
TRD's new podcast "Deconstruct" is essential listening for understanding the great, big world of real estate. Be sure to subscribe to the podcast and check out this week's episode about the real estate trends to watch for in 2022.
A thing we've learned... People in the U.S. last year borrowed more money to buy homes than ever before, according to the Wall Street Journal. Mortgage lenders lent more than $1.6 trillion in 2021, blowing past 2005’s record of $1.51 trillion.
Elsewhere in New York — Gov. Kathy Hochul plans to pitch a two-term limit for statewide elected officials, the New York Times reports. Hochul announced she will float the idea this week in her first State of the State address. The state legislature and voters would need to approve it; both have incentive to do so.
— Mayor Eric Adams will consider requiring booster shots, Bloomberg reports. “We will do an analysis around April based on the Department of Health and Mental Hygiene and see if we want to mandate them,” Adams said Monday.
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