CO-DEVELOPERS CHARNEY COMPANIES, TAVROS, AND INCOCO CAPITAL CLOSE ON BILLION DOLLAR CONSTRUCTION CAPITALIZATION FOR 175 THIRD STREET IN GOWANUS

Apollo and Affinius affiliates providing $600 million in debt; RXR providing $185 million in equity.

NEW YORK, June 25, 2026 /PRNewswire/ -- Charney Companies, Tavros, and Incoco Capital today closed on the construction capitalization for 175 Third Street, the fifth building in the Gowanus Wharf campus. Once completed, 175 Third Street will be the largest building in Gowanus, with approximately 1.1 million square feet and nearly 1,100 residences spanning 27 stories. 25% of the development's units will be permanently affordable.

Apollo and Affinius Capital LLC are providing $600 million in debt while RXR is providing $185 million in equity.

"Securing this financing with Apollo, Affinius, and RXR validates both the strength of 175 Third Street and our long-term commitment to this waterfront community," said Justin Pelsinger, Partner and COO at Charney Companies. "We are excited to begin construction on this transformative building alongside the canal, and we expect it, and our other properties at Gowanus Wharf, to enhance the dynamic of living and lifestyle in the neighborhood."

Designed by renowned architect Bjarke Ingels Group (BIG), the property brings resilient design, more affordable housing and a 28,000-square-foot public waterfront esplanade to Gowanus created by Field Operations in collaboration with the NYC Department of Parks & Recreation. Life Time has also signed a lease in the building for a three-story fitness club and spa, covering more than 85,000 square feet.

"175 Third Street will be Gowanus' most significant development and one of the most prominent in both Brooklyn and New York City overall. The asset represents the capstone of a thesis we've spent nearly ten years building and will result in one of the most significant deliveries of affordable housing by any single building in the city," said Colin Rankowitz, Partner at Tavros. "Just as lasting is what 175 Third Street will provide the community — a 28,000-square-foot public esplanade on the Gowanus Canal, a market-leading multi-level Life Time fitness and wellness club alongside ground floor retail, and subsidized artist studios which serve to preserve Gowanus' history as a mecca for makers."

"We are excited about our continued partnership with both Tavros and Charney Companies and our joint vision for 175 Third Street," said Fa Park, CEO and Founder of Incoco Capital. "With market-leading retail partners already signed on and an impressive, innovative design from Bjarke Ingels, we know this project will be recognized worldwide."

"We continue to focus on backing experienced sponsors on high-quality assets where execution and alignment matter most," said Affinius Capital Managing Director David Greenburg. "175 Third Avenue reflects both the strength of our long-standing relationship with the sponsors and the opportunity to partner with Apollo in delivering a tailored financing solution."

"This property represents a high-quality, large-scale multifamily development with strong fundamentals in one of Brooklyn's fastest-growing neighborhoods," said Ben Gray, Partner at Apollo. "The New York City housing market remains undersupplied, and we are pleased to provide a scaled financing solution to support a sponsorship team with deep local market expertise as they execute their broader vision for Gowanus Wharf."

"We are excited to partner with Charney Companies and Tavros on 175 Third Street, a high-quality residential development, a project that exemplifies the kind of impactful, community-transforming development we seek to support, providing much-needed housing in the Gowanus neighborhood," said Russ Young, Head of Investments at RXR. "This investment reflects RXR's commitment to delivering creative capital solutions tailored to the unique needs of best-in-class development teams. Charney and Tavros have built something special at Gowanus Wharf, and we look forward to helping bring their vision for 175 Third Street to life."

The JLL Debt team that arranged the financing was led by Senior Managing Directors Christopher Peck and Peter Rotchford and Senior Director Nicco Lupo.

"What resonated with capital was the combination of a premier location, a truly differentiated residential offering, and sponsors who have already demonstrated their ability to execute in this neighborhood," said Peck. "Charney, Tavros, Incoco Capital, and RXR bring deep local expertise and a proven track record, making 175 Third one of the most compelling large-scale development opportunities we've seen in Brooklyn."

"We look forward to contributing to the vision of Charney Companies and Tavros with our Life Time athletic country club experience at 175 Third Street," said Parham Javaheri, Life Time Executive Vice President, Chief Property Development Officer and President of Club Operations. "Life Time is uniquely positioned to serve as a cornerstone in one of Brooklyn's most dynamic neighborhoods, bringing an elevated wellness destination to the community centered on movement, recovery, and social connection for all ages and helping people live healthy, happy lives."

About Charney Companies

Founded in 2013, Charney Companies is a fully integrated real estate development, construction, brokerage, and management firm focused on developing, owning, and operating first-class residential and commercial real estate in the New York City Metro area. From ground-up construction to adaptive reuse and value-add repositioning, Charney plays an integral role in all aspects of the development process - combining creative vision with a tech-driven approach to deliver superior products to the marketplace and best-in-class returns for investors. Beyond its own portfolio, Charney extends its expertise to third-party clients through brokerage and property management services, bringing the same standard of excellence to every engagement. Charney owns, operates, and is under construction on over three million square feet throughout Brooklyn, Queens, and Manhattan and has earned awards and recognition from municipal organizations and media outlets for their work. For more information, visit: charneycompanies.com.

About Tavros

Tavros is a privately-owned real estate investment management and development firm. They invest on a discretionary basis, with a strong focus on New York City, and a global investor base of family offices, trusts, high net worth individuals, and institutions. Core to the Tavros discipline is the quality of its partnerships with tenants, investors, and lenders. As an owner and property manager, Tavros aims to ensure a positive experience for its tenants through attention to detail and a focus on quality of life.

About Incoco Capital

Incoco Capital is a privately held investment firm with offices in New York and Seoul. With a successful record of investing in both public and private markets, Incoco Capital has expanded its investment mandate into commercial real estate in the New York Metropolitan area. Incoco Capital is affiliated with Innovative Cosmetic Concepts (INCOCO), the inventor of the world's first dry nail polish strips and the leading U.S. manufacturer with state-of-the-art facilities in New Jersey. Founded by Fa Park, INCOCO launched the Color Street brand in 2017 to become one of the top direct selling companies globally and is well positioned as a premiere cosmetics group.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

About Affinius Capital LLC

Affinius Capital^® is an integrated institutional real estate investment firm focused on value-creation and income generation. With a 40-year track record and $61 billion in assets under management, Affinius has a diversified portfolio across North America and Europe providing both equity and credit to its trusted partners and on behalf of its institutional clients globally. For more information, visit www.affiniuscapital.com.

About RXR

RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in New York with a nationally-scaled platform, RXR is an approximately 450 person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies. The RXR platform manages 108 commercial real estate properties and investments with an aggregate gross asset value of approximately $16.4 billion, comprising approximately 30.9 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,400 units under operation or development, and control of development rights for an additional approximately 3,000 multi-family and for sale units as of September 30, 2025. Gross asset value compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.

About JLL

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

About Life Time:

Life Time (NYSE:LTH) empowers people to live healthy, happy lives through its more than 185 athletic country clubs across the U.S. and Canada, the complimentary and comprehensive Life Time app featuring its L•AI•C™ AI-powered health companion, and more than 30 iconic athletic events. Serving people ages 90 days to 90+ years, the Life Time ecosystem uniquely delivers healthy living, healthy aging, and healthy entertainment experiences, a range of unique healthy way of life programs, highly trusted LTH nutritional supplements, and more. Recognized as a Great Place to Work®, the company is committed to upholding an exceptional culture for its 43,000 team members.

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SOURCE Gowanus Wharf