JDS and Joseph Chetrit's Chetrit Group finished acquiring the site in late 2015. The Dime Savings Bank of New York building was previously owned by J.P. Morgan Chase and was used as a bank branch. The building was sold for $90 million, and was first placed on the market in late 2014. Originally, developers planned to acquire the building occupied by Junior's, a cheesecake restaurant, to use its air rights. However, Alan Rosen, the owner, turned down a $45 million buyout, as well as a later deal for less that would have set aside retail space in the new building for the restaurant. Plans for the structure were first filed in mid-2014, calling for a seventy-story, 775 foot building, also designed by SHoP Architects. The building will mark the third collaboration between JDS and SHoP, after 111 West 57th Street and American Copper Buildings. In December 2015, Fortress Investment Group provided a $115 million loan to JDS and Chetrit Group for the purchase of the site and for the refinancing of debt associated with the Dime Bank property. In early 2016, new plans were released with a slight height extension and reduced space for retail. Proposed modifications to the existing Dime Savings Bank structure were approved by New York City Landmarks Preservation Commission in April 2016, indicating support for the building's construction. Changes include the removal of non-original additions to the structure and repairing damage to the building's marble and copper.
Financing and construction
In February 2017, Bank OZK and Melody Finance issued a $135 million bridge and pre-development loan for the project. The loan replaced Fortress's debt and previous funding from the Kushner Companies. JDS invested an additional $60 million in equity in August 2018 to purchase Chetrit's stake in the property, raising their ownership of the project to 100%. Construction began in mid-2018. In November 2018, Silverstein Properties' debt fund Silverstein Capital was reported to be nearing a $240 million mezzanine loan for the project, in addition to $400 million in additional debt from a senior lender. The loan closed inApril 2019, along with $424.1 million in construction financing from Otéra Capital.
Design
9 DeKalb will incorporate the historical Dime Savings Bank building, designed by Mowbray and Uffinger. The building is clad in stone, bronze, and stainless steel. SHoP has stated that the firm took inspiration from the design of the Dime Bank Building, with the building's vertical features mirroring the bank's columns. Gregg Pasquarelli, a principal at SHoP, has referred to the design as both "badass" and "quite elegant".
Usage
The building will include approximately 150 condominiums and 425 apartments, and the residences will encompass roughly. There will be of commercial space, and the Dime Savings Bank will be converted to upscale retail and possibly an entrance to the new building. The fifth floor will include an outdoor terrace. The residential units are planned to be rental properties, and developers applied for tax breaks through the state's 421-a tax exemption program in 2015, prior to that program's expiration, which would require dedicating at least twenty percent of the building's units as affordable housing.
Location
The proposed structure will be located in Downtown Brooklyn and will be several blocks away from the former tallest buildings in Brooklyn, AVA DoBro and 388 Bridge Street. Both were surpassed by The Hub in 2017. If built as planned, the building will be slightly under twice the height of Avalon and 388 Bridge. The building will be adjacent to other tall mixed-use developments, such as the three towers of City Point.
