Sam Charney

What was your biggest deal of the past 12 months? 

175 Third Street in Brooklyn. It was close to a $1 billion total capitalization and will yield 1,100 apartments and a state-of-the-art Lifetime Fitness facility. 

How would you describe your investor base?

A mix of friends, family, family offices, institutional offices, pension funds, endowments, etc. 

Do you think it’s become easier or more difficult to secure construction financing over the last few years?

Easier if you are blue chip, harder if you’re just starting out. We are very fortunate to have completed a bunch of high-quality projects so lenders are now very comfortable with our brand and execution, but I remember how hard it was to get a lender to trust in me and my abilities when I first started, and think it might be exponentially harder today.

How deeply have higher interest rates affected your investment or development plans? 

Very deeply. We are looking at assets right now where the yield would theoretically be less than the carry, so why would you ever invest under those circumstances? It’s not affecting deals that are already capitalized but will definitely affect refinancing plans and new acquisitions. 

If you could change one area of global or local tumult, what would it be? 

How can there be any answer here other than war? Peace leads to prosperity for all, so, if I could snap my fingers and change one of these local or global issues, my answer would be ending war. 

Given the increased development and environmental cleanup over the past few years, do you think the Gowanus neighborhood has finally evolved past its toxic reputation in the eyes of New Yorkers? 

100 percent.

One of my marketing people described Gowanus as the Copenhagen of Brooklyn, and, as the parks along the canal all start to complete, that vision looks more and more accurate with each day. I stood on the roof of Nevins Landing — our just about finished two-tower complex along the canal between Carroll and Union streets — and looked up and down the canal and its promenades, and it made me feel like I was in Copenhagen, Hamburg or Stockholm. It’s the closest I’ve ever felt to that in the United States, and it’s a pretty special feeling.

Do you think unique architectural and design approaches are having any real and increased impact on the multifamily market and how residents and apartment seekers are responding to new developments?  

100 percent.  We are using Bjarke Ingels’s firm BIG on our new project at 175 Third for that exact reason. We not only think it’s our responsibility to provide incredible architecture as developers, but we think our renter and buyer pool are extremely sophisticated and appreciate high-end design.  

Lightning Round:

Your AI platform of choice? Chat GPT only because I really don’t know many of the other ones. 

Who would play you in a movie? Chat GPT told me Bruce Wayne, but I’d rather be Indiana Jones.

One prompt you’d never give AI. How can you replace me as a real estate developer?

Jalen Brunson or Aaron Judge? Waited my whole life to see the Knicks win. Love Judge, but this isn’t even close. 

“Oppenheimer” or “Odyssey”? “Oppenheimer” the movie, “Odyssey” the book.

Tom Holland, Andrew Garfield or Tobey Maguire? Who? 

Have you ever eaten pizza with a knife and fork? Of course… I’ve eaten pizza any way I can.  

The most money you’ve ever spent on a hamburger?  Maybe $30? 

Bank or non-bank? Bank. 

Last book you read? A Gentleman in Moscow by Amor Towles. 

Borrowing costs — up or down in 2027? Down, hopefully. 

What was your nickname when you grew up/started out? Sammy C is what my friends and family called me. 

How long do we have before AI kills us all? 20 years. 

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) Gotta be somewhere with a beach … maybe Ian Fleming’s place in Jamaica?