The tallest building in Brooklyn is facing a public foreclosure auction a year after the developer put rental and retail portions of it up for sale.
JDS Development has defaulted on a $240M mezzanine loan backed by 9 DeKalb Avenue, a 93-story residential tower also known as the Brooklyn Tower that was completed early last year.
JLL has been tapped by Silverstein Capital Partners, which originated the mezzanine loan in 2019, to conduct a UCC foreclosure auction on June 10, according to JLL marketing materials.
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