Sale of Residential Rental Component of Brooklyn’s Tallest Tower will Test Investor Appetite
JDS Development has introduced the sale of the 398-unit residential rental and 130,000-square-foot retail components of the newly constructed 1,000-foot-tall Brooklyn Tower located at 9 DeKalb Avenue. A 35-year tax abatement is in place for the rental units, of which 30% have been designated for income-restricted renters. The remaining 143 residential units are condominiums and not part of the sale offering. The developer is hoping to fetch between $600 million and $700 million, sources indicating that it will be a “major test for the city’s investment sales market.”