The tallest building in Brooklyn is facing a public foreclosure auction after its developer defaulted on a mezzanine loan.
According to a GlobeSt.com report, the property in question is the 93-story residential Brooklyn Tower, which was completed last year by JDS Development and is the tallest New York City building outside of Manhattan. JDS and Chetrit Group acquired the site for $90 million in 2015 – JDS later acquired Cherit’s stake. In March 2023, JDS hired Newmark to list the property’s 417 rental apartments and 130,000-square-feet of retail space while retaining its ownership of 143 residential condos.
However, JDS Development has defaulted on a $240 million mezzanine loan backed by the property. Silverstein Capital Partners, which originated the mezzanine loan in 2019, has contracted JLL to conduct a UCC foreclosure auction on the property on June 10. The March 2023 listing estimated the value of the property at more than $600 million.
Photo: Kidfly182 / Wikimedia Commons
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