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New York & Tri-State  + Outer  + Finance  |  July 3, 2024
Emily Fu
By: Emily Fu

Silverstein Gains Control of BK Tower in $672M Deal 

Silverstein Capital Partners has gained control of the 74-story Brooklyn Tower at 9 Dekalb Avenue in a $672 million deal, acquiring the mostly vacant 143-unit condominium from JDS Development, Crain’s reported. The transaction, finalized in June just before a scheduled foreclosure auction, involved Silverstein taking over JDS’s $240 million mezzanine loan following a default earlier this year.  

Silverstein had previously purchased the tower’s senior debt, positioning itself to initiate foreclosure proceedings. JDS, known for the tower’s ambitious design by SHoP Architects, faced challenges selling luxury units with prices ranging from $950,000 to $7.9 million. The deal marks a significant shift in ownership amid financial struggles for the iconic Downtown Brooklyn development. JLL’s Brett Rosenberg handled the UCC Foreclosure auction. 

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Brett Rosenberg

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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