Foreclosure auction on Brooklyn Tower postponed for settlement talks
DOWNTOWN BROOKLYN — A FORECLOSURE ACTION ON BROOKLYN’S TALLEST BUILDING has been postponed, pending a deal with the real estate firm and the lender, reports Crain’s New York Business on Monday, June 10. The lender, Silverstein Properties, had moved to foreclose on the property, with the auction scheduled for this Monday, June 10, before issuing a same-day statement that it was discussing a settlement with Michael Stern’s JDS Development. Standing above Downtown Brooklyn at 93 stories, the building, named the Brooklyn Tower, at 9 DeKalb Avenue and adjacent to the iconic Junior’s Restaurant is considered the city’s tallest of the four boroughs outside Manhattan. Although Michael Stern had originally purchased the building with Joseph Chetrit in 2015, he bought out the latter’s share three years later. Chetrit sued both Stern and JDS with the claims he was owed more than $17 million, but the lawsuit was later dropped.
The Brooklyn Tower has about 400 apartments and 150 condos. Prices range from $950,000 to almost $8 million. The affordable units compose about 30% of the building, starting at $4,370 for a studio.
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Brooklyn Boro
View MoreNew York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.