With loan secured, Brooklyn’s tallest skyscraper is finally ready to rise

April 24, 2019

Rendering courtesy of SHoP Architects/JDS Development

The on-again, off-again construction of a Brooklyn skyscraper got a major push forward Tuesday. The Wall Street Journal reported that 9 DeKalb Avenue’s developer Michael Stern of JDS Development has acquired a more than $664 million loan package to fund the development of the skyscraper. While the plan was first approved by the Landmarks Preservation Commission three years ago, lack of financing and a change of developers stalled the project. Expected to reach 1,066 feet high upon completion, the SHoP Architects-designed tower will become the borough’s tallest.

Wrapped in glass and bronze, the 73-story tower sits behind the landmarked 1908 Dime Savings Bank, which will be converted into public space with a flagship store. JDS bought the bank and its air rights for $95 million in 2016. The firm transferred an additional 385,000 square feet of development rights to 9 Dekalb Avenue. In exchange for the air rights, JDS agreed to restore the bank inside and out.

Foundation work at the tower is already underway, as 6sqft reported last November. And Stern told the WSJ that aboveground construction is set to start this summer and finish by 2022. This is the first loan provided by Silverstein Properties, the developer behind the World Trade Center.

“The thing that attracted us to is the same thing that scares others,” Michael May, the president of Silverstein Capital Partners, told the WSJ.

9 Dekalb Avenue, Dime Savings Bank, SHoP Architects, JDS Development, Downtown Brooklyn
Rendering courtesy of SHoP Architects

9 DeKalb will contain 425 rentals and 150 condo apartments. The developers also revealed plans this week to transform the roof of the bank into an outdoor lounge, equipped with a pool that will wrap around the ornate Guastavino dome. Other amenities include a bike room, fitness center, storage; some units will have balconies and terraces.

[Via WSJ]


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