Downtown Brooklyn is going up, up, up.
After purchasing the historic Dime Savings Bank building at Nine DeKalb Avenue this past summer, developers Joe Chetrit and Michael Stern are reportedly working on turning the space, along with the adjacent site they own at 340 Flatbush Avenue Extension, into the tallest tower in Brooklyn.
According to Crain’s New York, the $90 million deal will allow the pair to build a 600,000-square-foot residential tower at the landmarked site—a tower set to stand over 1,000 feet high.
“No building has ever eclipsed 1,000 feet in any of the boroughs outside Manhattan,” Daniel Geiger wrote for Crain’s in August. “Only a handful of towers have crossed that mark in Manhattan, though that list is growing.”
Stern was the developer behind Manhattan’s Billionaires’ Row—luxury condominium towers on 57th Street overlooking Central Park that stand at over 1,300 feet.
The 150-year-old space in Brooklyn, which will include both rental and condominium apartments, will be designed by SHoP Architects, according to reports.
“This transaction is indicative of the strength of both the retail and development markets in Brooklyn,” said Bob Knakal, Cushman & Wakefield’s chairman of investment sales who represented the sale of the building for JPMorgan Chase said to Crain’s. “It paves the way for an iconic structure that will forever impact the Brooklyn skyline.”