Michael Stern’s JDS Development, partnered with Chetrit Group, is planning to acquire the landmarked Dime Savings Bank building at 9 Dekalb Avenue, in Downtown Brooklyn, for $90 million, according to Crain’s. The building could be converted to accommodate retail, but roughly 300,000 square feet of unused air rights can now be transferred to the team’s site at 340 Flatbush Avenue Extension.
YIMBY reported on the team’s initial plans, filed last summer, for a 70-story, 495-unit mixed-use tower, but now the site’s potential is even greater. A 600,000 square-foot building — likely to be between 1,000 and 1,200 feet tall, but potentially higher — can be built. SHoP is designing, and the site’s existing low-rise building must first be demolished.