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Charney Companies has acquired 143 Roebling Street, a 100,000-square-foot building in Williamsburg, Brooklyn, in a $20 million transaction. The purchase marks a new chapter for the long-standing neighborhood property, which has been vacant for several years despite a history of serving the community with both residential and retail uses.
Financing for the acquisition was provided by BH3 Fund Advisors in what was described as a structured transaction. While specific loan terms were not disclosed, the capital stack supports Charney Companies’ plan to stabilize the asset and bring the building back into productive use after its period of inactivity.
Charney Companies intends to fortify and restore the early 20th-century property. The building, originally constructed in 1907 and renovated multiple times over the decades, is slated for further modernization as part of Charney’s repositioning effort. The company has indicated that the goal is to return the property to a condition that can better serve local residents over the long term.
In remarks on the transaction, Charney Companies COO Justin Pelsinger emphasized both the community connection and the long-term view for the building. He noted that the firm is taking over ownership of what he described as a neighborhood gem and expressed confidence that local residents will welcome the property’s restoration and modernization.
The building has historically included a mix of residential and retail spaces, previously housing tenants such as the Roebling Tea Room, a well-known local establishment. Its vacancy in recent years has left a notable gap along this stretch of Roebling Street, and Charney’s acquisition positions the asset for reactivation after a dormant period.
On the sell side, JLL represented Calmwater Capital, a Los Angeles-based institutional lender that owned the property prior to the sale. JLL’s Capital Markets Investment Sales and Advisory team negotiated directly with Charney Companies on behalf of Calmwater Capital. The team handling the assignment for JLL was led by Ethan Stanton, Brendan Maddigan and Michael Mazzara, who oversaw the disposition of the Williamsburg asset to its new ownership.
The post Charney Companies Buys Historic 143 Roebling Street Building in Williamsburg for $20M appeared first on CRE Market Beat.
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