2024 Year in Review: Justin Pelsinger, Charney Companies

What noteworthy transactions or deals from this year best exemplified key market trends or shifts? 

Our student housing project in Morningside Heights that we closed on in 2024 exemplifies the continued growth and strength of the housing market in and around universities. This is a sector that is often overlooked in major metropolitan cities. It continues to be resilient in times of economic downturns / uncertainty. 

What was your greatest professional accomplishment or most notable project, deal, or transaction in 2024? 

The $300mm+ construction loan closing of our 668-unit rental project located at 318 Nevins in Gowanus, Brooklyn was a notable accomplishment for our organization. It was one of the largest residential transactions in all of NYC this year and will result in 167 deeply and permanently affordable housing units for the city.

What emerging trends will drive investment and development in 2025?

We’re going to continue to see projects move forward that are taking advantage of the newly extended 421a deadline. There will be a three-year window when these projects need to get started, so there will be a big push in 2025 to make progress. Additionally, developers will search for uniquely suited commercial to residential conversion buildings.