Charney Companies Buys 143 Roebling Street in Williamsburg for $20M

Prolific developer Charney Companies has acquired a historic residential building in Williamsburg, Brooklyn, Commercial Observer has learned.

Charney bought 143 Roebling Street, a five-story, 49-unit loft and rental property in Williamsburg, from Los Angeles-based institutional lender Calmwater Capital for $20 million, according to the buyer. 

Charney intends to restore the building, which has been vacant for several years. Built in 1907, 143 Roebling has served as both a residential and retail property and once housed the popular Roebling Tea Room. 

“We are very excited to be taking over ownership for this building and know local residents will be as well,” Justin Pelsinger, chief operating officer for Charney, said in a statement. “We are looking forward to restoring and modernizing this neighborhood gem to better serve Brooklynites for generations to come.”

BH3 Fund Advisors provided $30 million in financing for the acquisition, predevelopment and planning of the project.

“Charney has a history of delivering exceptional projects in Brooklyn and beyond, and this asset is now in the hands of a sponsorship team capable of unlocking its potential after being dormant for the better part of a decade,” Adam Falk, principal and co-portfolio manager at BH3, said in a statement. “Charney’s track record, coupled with BH3’s experience in New York City, will help ensure the property catches up to the surrounding neighborhood.”

Calmwater Capital, previously a lender to former 143 Roebling owner RedSky Capital, took over the building at the corner of Metropolitan Avenue through a deed in lieu of foreclosure transaction in January 2022 valued at $82.7 million, property records show.

Calmwater Capital was represented in the new deal by Ethan Stanton, Brendan Maddigan and Michael Mazzara from JLL. The brokerage firm worked directly with Charney Companies. JLL did not immediately respond to CO’s request for comment. 

Founded in 2013, Charney Companies has a diverse portfolio as a development, brokerage and management firm. Charney is currently partnered with Tavros on the development of Gowanus Wharf, a four-building rental campus in Brooklyn meant to bring over 2,000 new units to the transforming area. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.