Downtown Brooklyn

Prominent real estate firm Silverstein Properties takes over Brooklyn Tower’s unsold units

July 2, 2024 Brooklyn Eagle Staff
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DOWNTOWN BROOKLYN  — Silverstein Properties, one of New York’s major real estate companies, has taken over the unsold condo units at the Brooklyn Tower, reports Crain’s. Silverstein is taking over unsold rental and retail portions of the skyscraper from Michael Stern’s JDS Development in a roughly $672 million deal, according to property records. The 93-story property, with an address of 9 DeKalb Ave., has gained notoriety for its sleek, dark exterior, with people making cheeky comparisons between it and the tower of Sauron, the main antagonist from The Lord of the Rings. A foreclosure scheduled for Monday, June 10, was canceled last minute after Silverstein and JDS Development announced they had reached a deal. See here for more information.

The Brooklyn Tower has about 550 residential units overall: 150 condos and 400 apartments, 30% of which are designated as affordable housing. The remaining units at market rate range from just under $4,000/month for a rental studio to $800K for the purchase of a four-bedroom penthouse unit.

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