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Chetrit Group out at 9 Dekalb Avenue, Brooklyn’s tallest development: Michael Stern’s JDS is taking full ownership of the 1,066-foot tall development

Michael Stern’s JDS Development Group is taking full ownership of the supertall development at 9 Dekalb Avenue in Downtown Brooklyn.

The developer bought out partner Chetrit Group for nearly $60 million, sources told The Real Deal.

Chetrit acted on a “put option” in the ownership agreement, which allowed the firm to sell its stake, according to sources. JDS declined to comment, and a representative for Chetrit did not immediately respond to a request for comment.

The developers had secured a $135 million pre-development financing package from Bank of the Ozarks and Melody Finance in 2017 for what is set to be a Brooklyn’s tallest tower at 1,066 feet. At the time that debt deal closed, the developers were said to be on the hunt for a $265 million construction loan to complete the 73-story, mixed-use project.

SHoP Architects is designing 9 Dekalb, which will span 556,000 square feet — 93,000 of which will be commercial. The old bank building, which was landmarked in 1994, will hold retail. The project will contain a mix of rentals and condominiums.

Barnett is aiming for a sellout of $901 million, which would set a record for Brooklyn.

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TRD