Michael Stern, the developer of SHoP’s new The Brooklyn Tower (also known by its address at 9 Dekalb Avenue), is facing foreclosure over a failure to pay a $240 million loan that was extended by Silverstein Properties in 2019 to complete the 93-story project, according to reports from The Real Deal.
As TDR pointed out, Stern is also responsible for 111 West 57th Street, which has had issues with cost overruns and other legal setbacks.
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 Financial Times profile, FXCollaborative’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!’”
Silverstein, which had recently purchased the U.S. Bank Tower in Los Angeles, has also taken over another $430 million loan on the tower as of February. The property will next go up for UCC foreclosure auction on June 10th.
Another seminal New York City high-rise, the 22-story Flatiron Building, has been sold to the Brodsky Organization, who are now planning a residential makeover.
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