Michael Stern forms $200M SPAC with former Citadel analysts

JDS Development founder’s blank-check firm will target industrial and construction-tech investments

National /
Aug.August 03, 2021 11:30 AM
Michael Stern of JDS Development

Michael Stern of JDS Development

JDS Development’s Michael Stern has found his next venture, confidentially filing to form a SPAC with two former Citadel credit analysts.

The blank-check firm, called Onyx Acquisition Co. I, will seek $200 million to target general industrial and construction-tech companies valued at between $1 billion and $2 billion, Bloomberg News reported, citing sources familiar with the matter who said paperwork has already been filed with the SEC.

Stern will be the chairman and CEO of the SPAC, while former Citadel analysts Benjamin Lerner and Matthew Vodola will be president and CFO, respectively.

Some 278 SPACs went public in a blank-check craze in the first quarter of the year, according to Bloomberg data, leading to new guidance from the SEC in April. The trend has cooled since then, with just 39 SPACs going public in the following four months.

Michael Stern’s JDS Development is responsible for the skyscrapers at 111 West 57th Street and the American Copper Buildings at 626 First Avenue. The company is also building at 9 DeKalb Avenue, which will be the tallest building in Brooklyn once completed.

But Stern has also faced some setbacks in recent months. In March, he sold his personal duplex at the Walker Tower in Chelsea — also developed by JDS — for 24 percent less than the initial listing price. A Park Slope condo project majority-owned by a JDS affiliate at 613 Baltic Street filed for Chapter 11 bankruptcy in May.

[Bloomberg News] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    ASG's Steve Reardon, DoorLoop's Ori Tamuz and David Bitton (ASG, DoorLoop)
    Property management startup DoorLoop raises $20M
    Property management startup DoorLoop raises $20M
    Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
    South Florida office sales falter, despite strong leasing
    South Florida office sales falter, despite strong leasing
    Cube Wynwd, Ken Griffin and a Windstar Cruiseship (Google Maps, Getty, Windstar Cruises)
    South Florida by the numbers: Headquarters heading here
    South Florida by the numbers: Headquarters heading here
    1201 Brickell Bay Drive, Citadel's Ken Griffin and 830 Brickell office tower in Miami (Google Maps, OKO Group and Cain International, Illustration by Priyanka Modi for The Real Deal with Getty)
    Mapping out Ken Griffin’s Miami shopping spree
    Mapping out Ken Griffin’s Miami shopping spree
    Citadel's Scott Hazard and Ken Griffin with Southwest 94th Street in Pinecrest (1Oak Studio, LinkedIn, Getty)
    Citadel migration continues: Exec buys Pinecrest home for 91% markup
    Citadel migration continues: Exec buys Pinecrest home for 91% markup
    Ken Griffin and 1250 Brickell Bay Drive in Miami (Getty Images, Google Maps)
    Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase
    Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase
    Ken Griffin in the center, with Brickell (right) and Palm Beach (below)
    Ken Griffin’s Citadel comes to Brickell — and supercharges the market
    Ken Griffin’s Citadel comes to Brickell — and supercharges the market
    Ken Griffin with 830 Brickell (Getty, OKO Group and Cain International)
    Ken Griffin’s Citadel leases at 830 Brickell office tower in Miami
    Ken Griffin’s Citadel leases at 830 Brickell office tower in Miami
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...