It’s a sealed deal for the Dime Savings Bank in Downtown Brooklyn after its recent $90 million dollar purchase by developers Michael Stern and Joe Chetrit. Built circa 1908, the landmarked site at 9 DeKalb Avenue was put on the market in December 2014 by its previous owner, JP Morgan Chase, who used it as one of the bank’s branches.
As a landmarked structure, the Beaux Arts building is expected to be leased out for apartment, retail, and restaurant space. (It’s rumored that Apple may take up residency at the building, having expressed interest in having a location near Barclays Center.) The 300,000 sqft of unused development rights will be transferred to 340 Flatbush Avenue Extension, an adjacent site also owned by Stern and Chetrit and the location of the tallest tower outside of Manhattan. Anticipated to rise more than 1,000 feet, the SHoP Architects designed building will cover 600,000 sqft over 90 floors and will include condo and rental apartments. The tower will also feature 140,000 sqft of commercial space at its base.
This won’t be the first supertall project that Michael Stern has worked on. The JDS Development founder is also behind the 1,400 sqft tower at 111 West 57th Street, a Billionaire’s Row project that also boasts SHoP Architects as its designer.
Brooklyn’s pending supertall will rise in a location that’s a growing hub for activity. Not far off from Barclays Center and just off very convenient subway lines and the Brooklyn and Manhattan Bridge, 340 Flatbush Avenue Extension will stand next to the original location of the famous Brooklyn staple, Junior’s. A revamped Fulton Street extends closeby, a destination for shopping that will soon be home to City Point, which will include retail, residential, and office components.