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The Downtown Brooklyn supertall, 9 DeKalb, also known as Brooklyn Tower, built by Michael Stern of JDS Development, is facing foreclosure after a maturity default on its mezzanine loan. Lender Silverstein is moving to foreclose.
What is set to be the tallest building in Brooklyn, 9 DeKalb Avenue, currently under construction by Michael Stern’s JDS Development,
Michael Stern, the developer of SHoP’s new The Brooklyn Tower (also known by its address at 9 Dekalb Avenue), is facing foreclosure over a failure to pay a $240 million loan that was extended by Silverstein Properties in 2019 to complete the 93-story project, according to reports from The...
The SHoP Architects-designed tower is one of several projects the firm completed for Michael Stern and JDS Development.
Michael Stern, the developer of 9 DeKalb Avenue’s Brooklyn Tower, has defaulted on a $240 million loan. A UCC foreclosure auction has been scheduled for June 10 by Silverstein Capital Partners, which issued the loan in 2019, according to marketing materials from real estate company JLL.