Archinect - News2024-05-17T10:59:12-04:00https://archinect.com/news/article/150422876/developer-behind-shop-designed-the-brooklyn-tower-is-facing-foreclosure-on-240-million-loan
Developer behind SHoP-designed The Brooklyn Tower is facing foreclosure on $240 million loan Josh Niland2024-04-04T12:20:00-04:00>2024-04-04T14:48:20-04:00
<img src="https://archinect.gumlet.io/uploads/0d/0d6db07502e08e509efb46dbdf4673d9.png?fit=crop&auto=compress%2Cformat&enlarge=true&w=1200" border="0" /><p>Michael Stern, the developer of <a href="https://archinect.com/SHoP" target="_blank">SHoP</a>’s new The Brooklyn Tower (also known by its address at <a href="https://archinect.com/news/tag/739154/9-dekalb-avenue" target="_blank">9 Dekalb Avenue</a>), is facing foreclosure over a failure to pay a $240 million loan that was extended by <a href="https://archinect.com/firms/cover/42800311/silverstein-properties" target="_blank">Silverstein Properties</a> in 2019 to complete the 93-story project, according to reports from <em><a href="https://therealdeal.com/new-york/2024/03/27/michael-stern-defaults-on-brooklyns-9-dekalb-ave/" target="_blank">The Real Deal</a>.</em></p>
<p>As <em>TDR</em> pointed out, Stern is also responsible for <a href="https://archinect.com/news/tag/1193664/111-west-57th-street" target="_blank">111 West 57th Street</a>, which has had issues with <a href="https://archinect.com/news/article/150019810/nyc-s-super-skinny-skyscraper-is-fat-with-cost-overruns-prompting-a-lawsuit" target="_blank">cost overruns</a> and other legal setbacks.</p>
<p>Stern, a veteran of the city’s high-stakes recent luxury market, is known for making huge bets on his projects. Speaking for a 2020<em> <a href="https://www.ft.com/content/1f95c4fc-7eb0-11ea-8fdb-7ec06edeef84" target="_blank">Financial Times</a></em> profile, <a href="https://archinect.com/fxcollaborative" target="_blank">FXCollaborative</a>’s Daniel Kaplan said of his approach, “He’s commissioned some very good architecture. The thing that’s really interesting about him is that all the things people say you can’t do — or you can’t do for the money — he says, ‘Forget it!’”</p>
<figure><p><a href="https://archinect.gumlet.io/uploads/d6/d60e74dcdf2ed6f54a37a059576f1287.jpg?auto=compress%2Cformat&enlarge=true&w=1028" target="_blank"><img src="https://archinect.gumlet.io/uploads/d6/d60e74dcdf2ed6f54a37a059576f1287.jpg?auto=compress%2Cformat&enlarge=true&w=514"></a></p><figcaption>Related on Archinect: <a href="https://archinect.com/news/article/150273656/shop-architects-supertall-residential-tower-9-dekalb-is-now-the-tallest-building-in-brooklyn" target="_blank">SHoP Architects' supertall residential tower 9 DeKalb is now the tallest building in Brooklyn</a></figcaption><p><br></p><p>The tower, which stands as <a href="https://archinect.com/news/article/150273656/shop-architects-supertall-residential-tower-9-dekalb-is-now-the-tallest-building-in-brooklyn" target="_blank">Brookly...</a></p></figure>