Silverstein To Relaunch Sales At Brooklyn Tower

Larry Silverstein is preparing to relaunch sales at Brooklyn Tower almost a year after assuming full control of Michael Stern’s once-troubled supertall.

The developer tapped a team from Corcoran Sunshine to head sales and marketing at the mixed-use building, which is expected to put listings back on the market in April, according to a spokesperson for the project.

The cohort, led by executive managing director Tricia Hayes Cole, is taking over from Douglas Elliman Development Marketing, the firm initially charged with selling the skyscraper’s 143 units. Corcoran Sunshine’s Jodi Stasse will oversee leasing of the roughly 400 apartments in its rental portion.

“Corcoran Sunshine has a history of fruitful partnership with Silverstein Properties and the Silverstein family,” Corcoran Sunshine president Kelly Mack wrote in a statement, pointing to the firm’s work selling other buildings in Downtown Brooklyn, including 11 Hoyt Street.

Following a period of stress and stalled activity, the Gothic-style supertall at 9 DeKalb Avenue is a long way off from sellout. Just 20 of its condos, about 14 percent, have sold since sales launched in 2022, according to data from Marketproof.

Nineteen deals have landed in the city register, closing for an average price per square foot of roughly $1,800, down from the $2,100 average asking price per square foot. Another of the building’s units is listed in the offering plan as in contract, though the reported sale has yet to hit ACRIS since finding a buyer in August 2023.

JDS Development turned the property over to lender Silverstein last summer after defaulting on a $240 million mezzanine loan. Silverstein filed to foreclose on the property, but the scheduled auction was called off after the two agreed to settle.

Stern began assembling the site in 2014, when he purchased a lot with Joseph Chetrit’s Chetrit Group. The following year, the pair bought the neighboring Dime Savings Bank for $90 million. JDS took full control of the project in 2018 when it bought out Chetrit for $60 million.

The developer locked down the mezzanine loan from Silverstein in 2019 as part of a $664 million debt package, including $424 million from Otera Capital. Last February, Silverstein bought the senior loan from the Canadian lender.

Before listings were pulled from the market, prices at Brooklyn Tower ranged from $875,000 to $7.85 million, according to Streeteasy.