9 DeKalb Avenue The Brooklyn Tower (from website)
What is set to be the tallest building in Brooklyn, 9 DeKalb Avenue, also called The Brooklyn Tower, currently under construction by Michael Stern’s JDS Development, is in danger of never being completed. This is because the new Brooklyn luxury tower’s developers have defaulted on a $240 million mezzanine loan, reported The Real Deal.
Silverstein Capital Partners scheduled a UCC foreclosure auction has been scheduled for June 10th.
“9 DeKalb’s junior mezzanine, senior mezzanine and mortgage loans are in maturity default, and the junior mezzanine lender is enforcing its junior mezzanine loan remedies through a Uniform Commercial Code (UCC) sale process,” a Silverstein spokesperson confirmed to The New York Post. “The junior mezzanine lender has engaged JLL to market the equity interests securing the junior mezzanine loan, and they will conduct a public auction after a marketing period.”
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Michael Stern once said of 9 DeKalb Ave, “This is an incredible milestone for Downtown Brooklyn. Our newest residents will be living at the highest elevations ever available in the borough.”
Designed by the award-winning SHoP Architects, the 93 story Tower is a multi-faceted building, rich in materiality, its shimmering bronzes, marble whites and deep blacks at once dramatic and playful. The cascading setbacks and soaring columns take inspiration from the beautiful Dime Savings Bank of Brooklyn, lifting that historic building’s hexagonal form to pierce the sky in a dazzling new way.
The building includes 120,000 square feet (11,000 square meters) of amenity spaces, and its tower section accommodates approximately 150 condominiums and 425 rental apartments, totaling roughly 466,000 square feet (43,300 square meters). The site covers 46,367 square feet (4,307.6 square meters), with a frontage of 219.92 feet (67.03 m) on Flatbush Avenue and a depth of 380.8 feet (116.1 meters).
The plan includes a holistic amenity program spanning over 120,000 square feet of indoor and outdoor experiences. Conceived by Krista Ninivaggi of Woods Bagot, SHoP, and HMWhite, these “immersive experiences” are set over several floors and feature one of the city’s “most dramatic swimming pools” encircling the Bank’s immense Guastavino dome. In a first-of-its-kind partnership, distinguished health and wellness brand, Life Time, will operate and manage the comprehensive suite of amenities, providing an unmatched level of service across the expansive offerings.
The intimate arrival from tree-lined Fleet Street is heightened by the drama of walking through the Ionic colonnade of the original Bank building while the entry from Flatbush Avenue Extension is wrapped in warm wood millwork with bronzed mirrored surfaces to create a sense of hush from the city.
“Once in a generation, a building comes along that changes our perspective. A building that creates bold new horizons, promises new beginnings, and sets standards that others can only hope to follow. Rarer still is the opportunity to call this building home. This is The Brooklyn Tower.”
According to his official biography, Michael Stern is the Founder and Managing Partner of JDS Development Group, an innovative real estate development, construction, and acquisition firm responsible for the creation of numerous residential, hospitality, and mixed-use projects in New York City and Miami. Stern’s philosophy is to push the boundaries of design and construction to deliver the most dynamic projects to the market. He has extensive expertise in the fields of design and construction, project management, results-driven sales and marketing, and real estate-related financing.
