Brooklyn Tower, the iconic structure that has become the most recognizable feature of the Brooklyn skyline, is facing financial trouble. The 1,066-foot building, which topped out in October 2021, is now at risk of foreclosure by its mezzanine lender, Larry Silverstein’s Silverstein Capital Partners.
Michael Stern, the founder and managing partner of JDS Development, celebrated the completion of Brooklyn Tower with a party at the top of the building. However, just two and a half years later, the mood has shifted as the mezzanine lender has moved to foreclose on the property.
The supertall at 9 Dekalb, with its strikingly dark neo-Gothic facade, has been a topic of discussion in the real-estate industry. Some have speculated that its design, more suited to an elite area like Billionaires’ Row, may not be the right fit for its location in Brooklyn.
Michael Stern, known for his ambitious projects and extravagant lifestyle, has risen to prominence in the real-estate industry. From converting a Verizon office building into luxury condos to building skyscrapers for the billionaire class, Stern has made a name for himself in the world of high-profile developments.
