JDS Development Group is having a good week. Just as their supertall skinny tower on Billionaire’s Row, at 111 West 57th Street, is about to top out, their supertall skinny tower in downtown Brooklyn, at 9 DeKalb Avenue, finally secured the funding it needs to rise to soaring heights. Despite being approved by the Landmarks Preservation Commission three years ago, the lack of financing postponed the project until this week. On Tuesday, the Wall Street Journal reported JDS’s Michael Stern announced that they finally closed on a $664.1M loan from Otéra Capital Inc. and Silverstein Capital Partners. The borough’s tallest apartment tower in downtown Brooklyn construction is finally on the rise.
In 2014, JDS purchased the lot for $43.5M in partnership with Joseph Chetrit. The following year, they purchased the adjacent Dime Savings Bank building for $90M. And in 2017, they secured a $135 million land-loan package from Bank OZK and Melody Capital Management. The next year, Stern bought out Chetrit’s stake for $60M. Referencing the project’s complexity, Silverstein Capital Partners’ president Michael May told the WSJ, “The thing that attracted us to it is the same thing that scares others.”
9 DeKalb Avenue will be the tallest building in Brooklyn at 73 stories and 1,066-feet-tall, surpassing Extell’s 720-foot Brooklyn Point, the current tallest, which topped out just last week. The glass and bronze clad skyscraper will have 425 rental apartments (30% of which will be capped below market rates) and 150 condominiums, with 120,000 square feet of retail space. Foundation work is underway and aboveground construction is expected to start this summer, with a current completion date by 2022.
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Rendering courtesy of SHoP Architects/JDS Development
Earlier this week, CityRealty reported shared new renderings of how the 1859 landmarked Dime Savings Bank of Brooklyn will be incorporated the project. The roof of the bank will become an outdoor lounge with stunning views and a pool will wrap around the ornate Guastavino dome. The bank’s marble and pink granite façade will be fused to the glass and steel tower and the bank’s hexagonal motif will be referenced in the new structure.
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Contributing Writer
Michelle Sinclair Colman
Michelle writes children's books and also writes articles about architecture, design and real estate. Those two passions came together in Michelle's first children's book, "Urban Babies Wear Black." Michelle has a Master's degree in Sociology from the University of Minnesota and a Master's degree in the Cities Program from the London School of Economics.
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