It’s official, developers Michael Stern and Joe Chetrit have closed on the Dime Savings Bank building at 9 DeKalb Avenue in Downtown Brooklyn for $90 million, providing them with the air rights needed to build the borough’s tallest tower. According to Crain’s, who first broke the news, Stern and Chetrit will be able to transfer the bank building’s 300,000 square feet of unused development rights to the new structure’s site at 340 Flatbush Avenue Extension. As 6sqft previously reported, the new tower will soar more than 1,000 feet and is being designed by SHoP Architects. It will also be the city’s tallest building outside of Manhattan when complete.
The new supertall will boast 600,000 square feet across 90 floors, mostly dedicated to condos and rentals. There will also be 140,000 of commercial space at the tower’s base, while the 100,000-square-foot Dime Savings Bank, which is a landmarked structure, will be leased out as a retail and rental space. Crain’s adds that the Beaux Arts building may also serve as the main entrance to the new development given its grand architecture, which includes decorative ceilings and marble columns.
Sales are expected to launch in mid 2018 with a completion date in 2019. Stay up-to-date on leasing and listings at 340 Flatbush Avenue Extension over at CityRealty.
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