Silverstein Capital Partners has recently taken control of the 74-story Brooklyn Tower at 9 Dekalb Avenue in a $672 million acquisition. The purchase was finalized in June, just before a scheduled foreclosure auction, with Silverstein acquiring the mostly vacant 143-unit condominium from JDS Development. This transaction marks a significant shift in ownership for the iconic Downtown Brooklyn development.
The deal involved Silverstein taking over JDS’s $240 million mezzanine loan after they defaulted earlier this year. Prior to this acquisition, Silverstein had already purchased the tower’s senior debt and positioned themselves to initiate foreclosure proceedings.
JDS Development is known for their ambitious design by SHoP Architects but faced challenges selling luxury units with prices ranging from $950,000 to $7.9 million. As such, this transaction comes as no surprise amid financial struggles for the development.
Brett Rosenberg of JLL handled the UCC Foreclosure auction without any involvement or mention of “Connect” or “Connect CRE” or “Connect LA” or “Connect Texas”.
