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9 DeKalb Avenue

9 DeKalb Avenue
340 Flatbush Avenue Rendering.jpg
A rendering of the under construction skyscraper
Alternative names340 Flatbush Avenue Extension
General information
StatusUnder Construction[1]
TypeMixed-use
Location9 DeKalb Avenue
Coordinates40°41′25″N 73°58′56″W / 40.69028°N 73.98222°W / 40.69028; -73.98222
Construction started2018
Estimated completion2022[2]
Height
Roof1,066 feet (325 m)[3]
Technical details
Floor count73
Floor area555,734 sq ft (51,600 m2)
Design and construction
ArchitectSHoP Architects
Mowbray and Uffinger designed the original structure
DeveloperJDS Development

9 DeKalb Avenue (originally referred to as 340 Flatbush Avenue Extension) is a supertall residential skyscraper under construction in Downtown Brooklyn, Brooklyn, New York City by Michael Stern's JDS Development Group.[1][4][5] When completed it will become the tallest structure in New York City outside Manhattan, as well as the first supertall building in Brooklyn.[6][7]

History

Planning

JDS and Joseph Chetrit's Chetrit Group finished acquiring the site in late 2015.[8] The Dime Savings Bank building was previously owned by J.P. Morgan Chase and was used as a bank branch.[9] The building was sold for $90 million, and was first placed on the market in late 2014.[10] Originally, developers planned to acquire the building occupied by Junior's, a cheesecake restaurant, to use its air rights.[11][12] However, Alan Rosen, the owner, turned down a $45 million buyout, as well as a later deal for less that would have set aside retail space in the new building for the restaurant.[13]

Plans for the structure were first filed in mid-2014, calling for a seventy-story, 775 foot building, also designed by SHoP Architects.[14] The building will mark the third collaboration between JDS and SHoP, after 111 West 57th Street and American Copper Buildings.[15][16]

In December 2015, Fortress Investment Group provided a $115 million loan to JDS and Chetrit Group for the purchase of the site and for the refinancing of debt associated with the Dime Bank property.[17] In early 2016, new plans were released with a slight height extension and reduced space for retail.[18] Proposed modifications to the existing Dime Savings Bank structure were approved by New York City Landmarks Preservation Commission in April 2016, indicating support for the building's construction.[19] Changes include the removal of non-original additions to the structure and repairing damage to the building's marble and copper.[20]

Financing and construction

Piles being driven into the ground at the 9 Dekalb Avenue construction site on April 6, 2019.

In February 2017, Bank OZK and Melody Finance issued a $135 million bridge and pre-development loan for the project.[21] The loan replaced Fortress's debt and previous funding from the Kushner Companies.[22][21] JDS invested an additional $60 million in equity in August 2018 to purchase Chetrit's stake in the property, raising their ownership of the project to 100%.[6] Construction began in mid-2018.[23] In November 2018, Silverstein Properties' debt fund Silverstein Capital was reported to be nearing a $240 million mezzanine loan for the project, in addition to $400 million in additional debt from a senior lender.[24] The loan closed in April 2019, along with $424.1 million in construction financing from Otéra Capital.[25]

Design

9 DeKalb will incorporate the historical Dime Savings Bank building, designed by Mowbray and Uffinger.[26][27] The building is clad in stone, bronze, and stainless steel.[28] SHoP has stated that the firm took inspiration from the design of the Dime Bank Building, with the building's vertical features mirroring the bank's columns.[29] Gregg Pasquarelli, a principal at SHoP, has referred to the design as both "badass" and "quite elegant".[28]

Usage

The building will include approximately 150 condominiums and 425 apartments, and the residences will encompass roughly 466,000 square feet (43,300 m2).[4] There will be 140,000 square feet (13,000 m2) of commercial space, and the Dime Savings Bank will be converted to upscale retail and possibly an entrance to the new building.[4] The fifth floor will include an outdoor terrace.[16] The residential units are planned to be rental properties, and developers applied for tax breaks through the state's 421-a tax exemption program in 2015, prior to that program's expiration, which would require dedicating at least twenty percent of the building's units as affordable housing.[27]

Location

The proposed structure will be located in Downtown Brooklyn and will be several blocks away from the former tallest buildings in Brooklyn, AVA DoBro and 388 Bridge Street. Both were surpassed by The Hub in 2017.[30] If built as planned, the building will be slightly under twice the height of Avalon and 388 Bridge.[30] The building will be adjacent to other tall mixed-use developments, such as the three towers of City Point.

See also

References

  1. ^ a b Clarke, Katherine.JDS, Chetrit land $135M loan for Brooklyn’s tallest tower . The Real Deal. February 24, 2017. Retrieved March 21, 2017.
  2. ^ "9 DeKalb Avenue". The Skyscraper Center. Retrieved January 3, 2019.
  3. ^ "Form 7460-1 for ASN 2017-AEA-1896-OE". oeaaa.faa.gov. Retrieved January 3, 2019.
  4. ^ a b c "340 Flatbush Ave Ext. Revealed, Brooklyn's First Supertall Skyscraper". November 9, 2015. Retrieved November 12, 2015.
  5. ^ Balbi, Danielle (August 3, 2018). "Chetrit Group out at 9 Dekalb Avenue, Brooklyn's tallest development". The Real Deal. Retrieved September 17, 2018.
  6. ^ a b Stulberg, Ariel (November 9, 2015). "Brooklyn's future tallest building revealed in new rendering". The Real Deal. Retrieved December 26, 2015.
  7. ^ Staff, Curbed (November 9, 2015). "First Look at Downtown Brooklyn's 1,000-Foot Supertall Tower". Curbed NY. Retrieved December 25, 2015.
  8. ^ Bindelglass, Evan (December 26, 2015). "JDS Completes Dime Bank Purchase For Brooklyn Supertall". Curbed. Retrieved December 26, 2015.
  9. ^ Geiger, Daniel (December 23, 2015). "Developers close deal that allows Brooklyn's tallest tower". Crain's New York. Retrieved December 26, 2015.
  10. ^ Geiger, Daniel (December 18, 2014). "Brooklyn landmark could become $100M-plus buy". Crain's New York. Retrieved December 26, 2015.
  11. ^ Chaban, Matt (June 9, 2014). "At Junior's Site, Bidders See Brooklyn, Too, as a City of Spires". The New York Times. Retrieved December 26, 2015.
  12. ^ Elridge, Barbara (September 8, 2015). "Tower Twice the Height of Brooklyn's Tallest Is Probably Coming to Downtown Brooklyn". Brownstoner. Retrieved December 26, 2015.
  13. ^ Corcoran, Cate (September 9, 2009). "Junior's Is Not Selling". Brownstoner. Retrieved December 26, 2015.
  14. ^ Alberts, Hana (June 30, 2014). "Brooklyn's New Tallest Tower, by SHoP, Will Sprout 775 Feet". Curbed. Retrieved December 26, 2015.
  15. ^ Goldberger, Paul (March 1, 2014). "Too Rich, Too Thin, Too Tall?". Vanity Fair. Retrieved August 16, 2015.
  16. ^ a b Feery, Chris (January 12, 2016). "73-Story 340 Flatbush Extension Gets Even Taller". BisNow. Retrieved February 1, 2016.
  17. ^ Balbi, Danielle (December 22, 2015). "Iron Hound Secures $185M in Two NYC Debt Deals for Chetrit Group". Commercial Observer. Retrieved December 26, 2015.
  18. ^ Baird-Remba, Rebecca (January 12, 2016). "Brooklyn's First Supertall at 340 Flatbush Avenue Extension Gets Even Taller". YIMBY. Retrieved January 12, 2016.
  19. ^ Chaban, Matt (April 19, 2016). "Proposal for Brooklyn's Tallest Tower Is Approved". New York Times. Retrieved April 20, 2016.
  20. ^ Bindelglass, Evan (April 19, 2016). "Landmarks Approves Changes to Dime Savings Bank, Paving Way for Brooklyn's Tallest Tower at 340 Flatbush Avenue Extension". YIMBY. Retrieved April 20, 2016.
  21. ^ a b Clarke, Katherine (February 24, 2017). "JDS, Chetrit land $135M loan for Brooklyn's tallest tower". The Real Deal.
  22. ^ Parker, Will (May 13, 2017). "Inside the universe of Kushner Companies". The Real Deal. Retrieved May 20, 2017.
  23. ^ Croghe, Loran (May 3, 2018). "The tallest building in Brooklyn begins its rise to the top". Brooklyn Eagle. Retrieved October 15, 2018.
  24. ^ "Brooklyn's tallest tower may soon rise thanks to massive Silverstein loan". The Real Deal. November 15, 2018.
  25. ^ Putzier, Konrad (April 23, 2019). "Brooklyn's Long-Stalled Tallest Tower Poised to Rise With New Loan". Wall Street Journal.
  26. ^ Rosenberg, Zoe (August 5, 2015). "1,000-Foot Tower Is Probably Coming to Downtown Brooklyn". Curbed. Retrieved December 25, 2015.
  27. ^ a b "73-Story Tower Would Be Brooklyn's Tallest by Far". The New York Times. February 17, 2016. ISSN 0362-4331. Retrieved May 9, 2018.
  28. ^ a b Wachs, Audrey (July 6, 2016). "SHoP makes the Brooklyn skyline with a "brooding, elegant, and badass" supertall… There goes the neighborhood?". The Architect's Newspaper. Retrieved April 18, 2017.
  29. ^ Warerkar, Tanay (February 17, 2016). "Brooklyn's Tallest Building Could Have As Many As 500 Rentals". Curbed. Retrieved March 14, 2016.
  30. ^ a b Beyer, Scott (August 6, 2015). "Brooklyn Might Finally Get A Real Skyscraper". Forbes. Retrieved December 26, 2015.

External links