Brooklyn’s Hated 1000 foot Skyscraper in foreclosure!

The Brooklyn Tower, built by Michael Stern of JDS Development, is in foreclosure!
JDS Development has defaulted on a $240 million mezzanine loan!
Here's everything you need to know + Let's check out some of the rental units.
00:00 - 00:58 What Happened?
00:58 - 02:07 Building better located on Billionaires Row??
02:08 - 02:45 $750,000,000 to develop the building - loans explained
02:45 - 03:22 How many units are sold? What are the prices?
03:23 - 04:27 Rental Prices
04:30 - 07:02 Apartment Tours (Studio, 1 Bedroom + 2 Bedroom)
07:02 - 07:40 Can 2 people actually live in a Studio??
07:44 - 08:33 We couldn't view the condos...+ sum up
What do you think about the building + foreclosure? Comment below
#brooklyntower #brooklyntowerforeclosure
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[@user-wi4bu7he3h]

So informative - thanks for sharing your insights!

[@justinmartineznyc]

Thanks for watching!

[@vapsa56]

Looks like the building in the 1974 movie, "Towering Inferno." Same color palette and camera angle shots.

[@justinmartineznyc]

Thanks for watching! Agreed

[@cheesemaster113]

Imagine if they made apartments for rent for 2k a month, that you could actually live comfortably in! It would be a surefire way to get max capacity.

[@justinmartineznyc]

Thanks for watching. With the cost of land the bank won't allow all of the apts to be rented for $2000. The rental component isn't the issue here.

[@leonardodalongisland]

As a native Brooklynite, I say, NO!..Can you explain the "Gross" and "net" mean in the rental world? I'm a former landlord and I've never even heard those terms applied to renting or anything in real estate. As for the actual apartments, they're beautiful but those are Upper West Side prices. Can't believe people are paying those numbers to live in Brooklyn!!!! So sorry that my family sold our building-long ago, my brothers and I could have all been millionaires.

[@whoseyourdaddyful]

Your family blew it you could have been rich 😔 Gross' total net is before total just like renting commercial space taxes insurance utilities net net net

[@justinmartineznyc]

Thanks for watching. Net rent is calculated after you factor in a concession like the month free that this landlord is offering over the length of the lease. Gross rent is the actual rent

[@leonardodalongisland]

@@justinmartineznyc Thank you.

[@mjerome1457]

It’s so ugly. It looks like something out of Lord of the rings the movie.🤢👎🏾👎🏾