The Real Deal New York

JDS, Chetrit could build 1,000-foot resi tower in Brooklyn

Developers to pick up Dime Savings Bank of New York for $90M
August 05, 2015 12:15PM

Apparently, Michael Stern has a penchant for height.

After introducing one of the tallest towers in the city to Billionaires’ Row — the more than 1,400-square-foot tall 111 West 57th Street, which Stern’s JDS is co-developing with Property Markets Group — the developer is now contemplating building the tallest residential skyscraper in Brooklyn, according to Crain’s.

Stern and partner Joseph Chetrit‘s the Chetrit Group are buying the former Dime Savings Bank of New York at 9 Dekalb Avenue for $90 million from JPMorgan Chase. The landmarked site comes with roughly 300,000 square feet of development rights. Stern and Chetrit could use the rights to build a roughly 600,000-square-foot tower next door at 340 Flatbush Avenue Extension, which the pair already own.

If realized, it’d be the tallest tower ever built in Brooklyn. To date, no towers have exceeded 1,000 square feet in the outer boroughs, according to the website. The exact height of the tower is unknown, but will likely be between 1,000 and 1,200 feet.

Cushman & Wakefield’s Bob Knakal represented the landlord. [Crain’s] — Claire Moses