9 Dekalb

Developer Michael Stern has defaulted on the mezzanine loan for Brooklyn’s tallest tower, 9 DeKalb, facing foreclosure. Silverstein Capital Partners issued the $240 million loan in 2019. The UCC foreclosure auction is scheduled for June 10. Stern previously attempted to sell the rental portion of the building last year. The fate of the tower remains uncertain, although most mezzanine foreclosures end with the lender taking control. Stern’s JDS Development began construction on the 93-story skyscraper in 2015. The tower includes retail space, rental units, and residential condominiums. Stern also faces financial difficulties at 111 West 57th Street.