JDS Development

Silverstein takes control over Brooklyn Tower in $672M deal

Photo by Evan Joseph

July 2, 2024

Silverstein takes control over Brooklyn Tower in $672M deal

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The real estate drama surrounding the Brooklyn Tower may be over. As first reported by Pincus Co, Silverstein Properties has taken over the tower's rental, retail, and unsold condo units from JDS Development in a $672 million deal. Silverstein had provided a $240 million loan for the tower, which JDS defaulted on in 2019, leading to a foreclosure auction scheduled for June 1. The auction was delayed and eventually avoided after Michael Stern of JDS transferred a preferred equity piece in the tower to Silverstein in order to restructure his debt, according to The Real Deal.
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Brooklyn Tower faces foreclosure

Photo courtesy of Evan Joseph

April 1, 2024

Brooklyn Tower faces foreclosure

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Despite setting a record for Brooklyn's most expensive studio last week, the Brooklyn Tower is facing foreclosure. JDS Development has defaulted on a $240 million mezzanine loan issued by Silverstein Capital Partners in 2019 for the 93-story development, as reported by The Real Deal. Silverstein has scheduled a foreclosure auction for June 10.
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Leasing kicks off at the Brooklyn Tower, luxury rentals priced from $3,965/month

Photo courtesy of Evan Joseph

April 10, 2023

Leasing kicks off at the Brooklyn Tower, luxury rentals priced from $3,965/month

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Leasing has launched for market-rate rental units in Brooklyn's tallest tower. Located in Downtown Brooklyn, the 93-story Brooklyn Tower offers residences designed by award-winning Gachot Studios and over 120,000 square feet of luxury amenities, including three outdoor pools surrounding the dome of the historic Dime Savings Bank of Brooklyn. Rentals start at $3,965/month for studios, $5,075/month for one-bedrooms, and $7,100/month for two-bedrooms.
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Brooklyn’s tallest tower launches lottery for 120 middle-income apartments, from $2,630/month

Image courtesy of Evan Joseph

March 29, 2023

Brooklyn’s tallest tower launches lottery for 120 middle-income apartments, from $2,630/month

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Here's a chance to live in Brooklyn's tallest tower for (slightly) less. The 93-story Brooklyn Tower launched a housing lottery this week for 120 middle-income apartments. New Yorkers earning 130 percent of the area median income, or between $90,172 annually for a single person and $215,150 for a household of seven, can apply for the units, priced between $2,630/month for studios and $3,872/month for three bedrooms.
Find out if you qualify
The Brooklyn Tower’s striking neo-Deco crown is complete

Photo by Evan Joseph

February 10, 2023

The Brooklyn Tower’s striking neo-Deco crown is complete

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The top of the tallest tower in Brooklyn is now complete, cementing its status as New York City's newest landmark. The Brooklyn Tower rises 93 stories from a marble base with a facade of repeating vertical columns and alternating panels of colored metals that fade from bronze to black as it moves upward to the neo-Deco crown. The spired pinnacle reaches 1,066 feet, making the Brooklyn Tower the tallest building in the borough.
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Waitlist opens for affordable rentals at copper-clad dancing towers in Murray Hill, from $832/month

Photo via Wikimedia

December 27, 2022

Waitlist opens for affordable rentals at copper-clad dancing towers in Murray Hill, from $832/month

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A waitlist has opened to fill affordable apartments available now and for future vacancies at an architectural standout in Murray Hill. The Copper, originally known as the American Copper Buildings, is a pair of luxury rental towers at 626 First Avenue with a three-story sky bridge connecting the two buildings. New Yorkers earning 60 percent of the area median income can apply for a spot on the wait list for the apartments, which are priced between $832/month to $1,311/month on NYC Housing Connect.
Do you qualify?
Newly unveiled interiors mark completion of slender supertall 111 West 57th Street

Exterior photo by David Sundberg; Interior by Adrian Gaut

November 14, 2022

Newly unveiled interiors mark completion of slender supertall 111 West 57th Street

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The second-tallest residential tower in the Western Hemisphere is officially complete. Last week, JDS Development Group and Property Markets Group unveiled the interiors of 111 West 57th Street, a 1,428-foot-tall building on Billionaires' Row designed by SHoP Architects. New photos show off the tower's interior architecture, including the residences and amenity spaces, all designed by William Sofield's Studio Sofield.
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42nd-floor members-only rooftop pool reopens at the American Copper Buildings

All photos by Max Touhey, courtesy of JDS Development Group

May 20, 2021

42nd-floor members-only rooftop pool reopens at the American Copper Buildings

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A 42nd-story rooftop pool overlooking the East River is coming back to New York City for the summer. Located atop the American Copper Buildings in Murray Hill, The Sentry is currently accepting membership applications for its 2021 season, which kicks off ahead of Memorial Day Weekend. Sky-high swimming does not come cheap, however. Memberships start at $2,600 for a single member, $4,300 for couples, and $3,000 for non-residents.
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Massive Two Bridges projects can move forward without City Council approval

Rendering: SHoP Architects

August 27, 2020

Massive Two Bridges projects can move forward without City Council approval

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Three projects that include the construction of four towers and the creation of nearly 3,000 housing units in Two Bridges meet all zoning requirements and can move forward without City Council approval, an appeals court ruled Thursday. The Appellate Division of State Supreme Court reversed a lower court's ruling that had stopped the Manhattan megaproject from going ahead.
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Members-only rooftop pool to open at the American Copper Buildings, with fees starting at $1,600
May 2, 2019

Members-only rooftop pool to open at the American Copper Buildings, with fees starting at $1,600

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Just in time for summer, a members-only pool is opening atop one of Manhattan's most recognizable buildings. Starting Memorial Day Weekend, the Sentry Club at the American Copper Buildings in Murray Hill will offer guests a private rooftop with poolside cabana service, event space for parties, and classes focused on wellness. But it will cost you: memberships start at $1,600 for the entire summer and go up to $3,200 for the season. The pool will be open starting Thursday, May 23 through Labor Day.
Dive in
With loan secured, Brooklyn’s tallest skyscraper is finally ready to rise

Rendering courtesy of SHoP Architects/JDS Development

April 24, 2019

With loan secured, Brooklyn’s tallest skyscraper is finally ready to rise

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The on-again, off-again construction of a Brooklyn skyscraper got a major push forward Tuesday. The Wall Street Journal reported that 9 DeKalb Avenue's developer Michael Stern of JDS Development has acquired a more than $664 million loan package to fund the development of the skyscraper. While the plan was first approved by the Landmarks Preservation Commission three years ago, lack of financing and a change of developers stalled the project. Expected to reach 1,066 feet high upon completion, the SHoP Architects-designed tower will become the borough's tallest.
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At 9 DeKalb, SHoP Architects reveal a rooftop pool wrapping around Dime Savings Bank’s dome

Rendering via SHoP Architects

April 22, 2019

At 9 DeKalb, SHoP Architects reveal a rooftop pool wrapping around Dime Savings Bank’s dome

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A fresh rendering of 9 Dekalb Avenue first published in the New York Times last week revealed a new aspect of the project: the Dime Savings Bank's roof will be transformed into an outdoor lounge for residents, including a pool that will partly wrap around the ornate Guastavino dome. Inside, the Beaux-Arts interior will become a flagship store, with further details to be announced. The rising 1,066-foot-tower is being developed by JDS Development, with SHoP Architects leading the design, and is set to become the tallest tower in Brooklyn upon completion.
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From Brooklyn’s biggest bank to its tallest building: Behind the scenes at the Dime Savings Bank
January 7, 2019

From Brooklyn’s biggest bank to its tallest building: Behind the scenes at the Dime Savings Bank

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Since it opened in 1859, the Dime Savings Bank of Brooklyn has been integral to the history of the borough it calls home. True to its name, you could open a savings account with just a dime. The first person to make a deposit was a man named John Halsey who invested $50. Scores of Brooklynites followed suit, and by the end of the bank’s first business day, 90 people opened accounts; by the end of the first month, more than 1,000 people were depositing at Dime. But the bank cemented its prominent status in 1908 when the first subway tunnel between Manhattan and Brooklyn opened and Dime moved into its grand neo-classical building on Dekalb Avenue and Fleet Street. After the bank closed in 2002, the landmark still stood in all its former glory, operating as a special event space. Three years ago, JDS Development filed plans to build Brooklyn's tallest tower adjacent to Dime, incorporating its Beaux-Arts interior as retail space for the project. And with work now underway, 6sqft recently got a behind-the-scenes tour of Dime Savings Bank with Open House New York.
Explore the history and future of Dime Savings Bank
Controversial Two Bridges towers get city approval despite community ambivalence

Rendering courtesy of Handel Architects.

December 6, 2018

Controversial Two Bridges towers get city approval despite community ambivalence

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Update 12/7/18: The City Council and Manhattan Borough President Gale Brewer filed a suit in the Manhattan Supreme Court "claiming city planners usurped the Council’s authority over land-use issues in approving the project," reported The Real Deal. The City Planning Commission gave the green light Wednesday to a controversial application filed by four developers to build three new residential towers in the Lower East Side's Two Bridges development, which are expected to add 3,000 housing units between them, The Real Deal reports. 700 units will be affordable. The large-scale residential towers were approved in a 10-3 vote on Wednesday, after a lengthy, often acrimonious review process. The towers are comprised of JDS Development’s 1,000-unit rental tower at 247 Cherry Street, L+M Development and CIM Group’s 798-foot tower at 260 South Street; and Starrett Corporation’s 730-foot building at 259 Clinton Street.
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Work finally resumes at Brooklyn’s first 1,000+ foot tower

Rendering via SHoP Architects

November 6, 2018

Work finally resumes at Brooklyn’s first 1,000+ foot tower

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Since the plan to bring the first supertall tower to Brooklyn was approved by the Landmarks Preservation Commission in the spring of 2016, few updates have been announced about the project. While construction kicked off last year, work on 9 DeKalb Avenue was stalled for months. But YIMBY reported on Tuesday that construction of the Downtown Brooklyn tower appears to have made some progress, with its foundation now visible and workers on site. The planned 1,066-foot-tower is being developed by JDS Development, with SHoP Architects handling its design.
More this way
Surpassing 1,000-foot mark, SHoP’s skinny supertall shows off incredible Central Park views

Photo by Michael Toolan

November 2, 2018

Surpassing 1,000-foot mark, SHoP’s skinny supertall shows off incredible Central Park views

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Without even reaching its final height of 1,428 feet tall, SHoP Architect's Midtown supertall is already boasting amazing views. New photos released this week of 111 West 57th Street, which recently surpassed 1,000 feet high, show off views from the tower's 64th, 72nd, and 73rd floors. Upon completion, the Billionaires' Row tower will become the tallest residential building in the world, taking the title from 1,396-foot 432 Park Avenue, (until 1,500-foot Central Park Tower tops out). With a super slender frame (a ratio of 1:24), 111 West 57th Street is also set to become the skinniest skyscraper in the world.
See the views
Listings go live at the world’s skinniest skyscraper, 111 West 57th Street
October 2, 2018

Listings go live at the world’s skinniest skyscraper, 111 West 57th Street

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The race to build the tallest residential building in the world has long been underway along Billionaires' Row, but 111 West 57th Street not only boasts height (at 1,428 feet it'll surpass the current record holder, 1,396-foot 432 Park Avenue until the 1,500-foot Central Park Tower tops out) but a frame that is so slender (a ratio of 1:24) it garners it the title of skinniest skyscraper in the world. And after six years watching the development unfold, listings have finally gone live for the 46-unit condo, first spotted by Curbed. The first batch includes seven units, six of which are three-bedrooms ranging from $18 to $30 million, along with a $56 million penthouse.
Ogle the floorplan porn
Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

Image: Hayes Davidson

September 7, 2018

Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

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Despite a long history of financial and legal woes, Property Markets Group, Spruce Capital Partners and JDS Development’s tall and slender tower at 111 West 57th Street is gearing up to begin sales (for real this time) according to the New York Times. After years of lawsuit threats, reports that construction had stalled over budget overruns and a potential foreclosure, the 1,428-foot, 86-story tower will kick off sales, to be handled by Douglas Elliman, on September 13.
Pricing and more, this way
City officials aim to close loophole for construction of Two Bridges skyscrapers

Rendering of 247 Cherry Street via SHoP Architects

December 6, 2017

City officials aim to close loophole for construction of Two Bridges skyscrapers

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In an effort to slow construction of three residential towers in the Two Bridges neighborhood, City Council Member Margaret Chin and Manhattan Borough President Gale Brewer will submit an application to the Department of City Planning that forces the plan to go through the city’s land use review process. Developments at the waterfront site include a 1,000+ foot tower from JDS Development Group, a 1.1 million-square-foot development from L+M Development and CIM Group, and a 724-foot rental building from Starrett Development. According to Politico, the Manhattan pols hope the review process will encourage public scrutiny of the projects, including a demand for shorter structures.
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Foreclosure moves ahead at Billionaires’ Row supertall 111 West 57th Street
August 30, 2017

Foreclosure moves ahead at Billionaires’ Row supertall 111 West 57th Street

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Things have been shaky for 111 West 57th Street since it came to light last month that construction on the world's will-be skinniest skyscraper was stalled at just 20 stories after Property Markets Group's Kevin Maloney and JDS Development’s Michael Stern were sued by real estate investment corporation and owner AmBase. Trying to salvage their $66 million investment, Ambase filed an injunction to stop lender Spruce Capital from seizing the $1 billion project, but yesterday a Supreme Court judge ruled that a strict foreclosure could move forward, meaning AmBase will likely lose its majority ownership, according to Crain's. On the flip side, the developers will now be able to proceed with construction on the 1,421-foot Billionaires' Row tower, whose units started going into contract earlier this month.
The full story
Despite legal troubles, the first units at 111 West 57th Street go into contract

Rendering of 111 West 57th Street via Property Markets Group

August 3, 2017

Despite legal troubles, the first units at 111 West 57th Street go into contract

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Just last week, 6sqft covered the financial and legal woes of Property Markets Group and JDS Development’s super tall and slender tower at 111 West 57th Street. Despite reports that construction had stalled over budget overruns and a potential foreclosure, the first condominiums, at what is lined up to be the world’s future tallest residential skyscraper, just went into contract (h/t The Real Deal). While Apollo Commercial Real Estate Finance, which issued a $325 million mezzanine loan for the project, did not share exactly how many units out of 60 are under contract, CEO Stuart Rothstein told TRD, they sold at “prices well over (Apollo’s) basis.”
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World’s skinniest skyscraper at 111 West 57th Street stalled at 20 stories by soaring costs
July 27, 2017

World’s skinniest skyscraper at 111 West 57th Street stalled at 20 stories by soaring costs

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The construction of Property Markets Group and JDS Development’s 1,421-foot-tall tower at 111 West 57th Street has been the subject of much anticipation and excitement, as it's slated to be among the tallest residential skyscrapers anywhere and the world's most slender with a height-to-width ratio of 24:1. But after rising only 20 stories, the SHoP Architects-designed Billionaires' Row addition has stalled, plagued with budget overruns and headed for foreclosure, the New York Post reports.
What could possibly have happened?
VOTE for 6sqft’s 2016 Building of the Year!
December 10, 2016

VOTE for 6sqft’s 2016 Building of the Year!

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For new developments, 2015 was the year of reveals, but 2016 was all about watching these buildings reshape our city. Ahead we've narrowed a list of 12 news-making residential structures, each noted for their distinctive design, blockbuster prices, or their game-changing potential on the skyline or NYC neighborhoods. Which of these you think deserves 6sqft's title of 2016 Building of the Year? Have your say below. Polls for our third annual competition will be open up until 11:59 p.m., Sunday, December 11th*, and we will announce the winner on Tuesday, December 13th!
Learn more about each of the buildings in the running here
JDS reveals interior and courtyard views of SHoP-designed American Copper Buildings
November 29, 2016

JDS reveals interior and courtyard views of SHoP-designed American Copper Buildings

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The team behind the American Copper Buildings--JDS Development Group and SHoP Architects--teased a few interior renderings of the rental back in August, but now the project's full site is live and there's a slew of images of the SHoP-designed model apartments, as well as never-before-seen renderings of SCAPE Landscape Architecture's courtyard plaza. Along with these new views comes news from Curbed that though listings for the 600 market-rate units aren't available yet, (160 others became available through an affordable housing lottery) rents will start at $2,800/month for studios, $4,100/month for one-bedrooms, and $6,800/month for two-bedrooms.
See all the new looks
The neighbors who arrived first: Cherry Street residents prepare for One Manhattan Square

Images via Extell and Google Maps

November 21, 2016

The neighbors who arrived first: Cherry Street residents prepare for One Manhattan Square

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Images via Extell and Google Maps The construction of Extell’s high-rise condo development at the foot of the Manhattan Bridge is now well underway. When complete, 250 South Street (formerly 227 Cherry Street) will rise more than 80 stories above the East River and be home to just under 800 units, but that’s not all. As the Extell […]

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