Posted by Richard Willett - Memes and headline comments by David Icke Posted on 31 March 2024

The Tower Of Sauron Can’t Pay Its Debt: Brooklyn’s Tallest Building Is In Foreclosure

While everyone says that the looming commercial real estate crash is nothing to worry about since, well, everyone’s been worrying about it for so long and nothing bad has happened yet (except for the whole regional bank crisis last March when virtually anyone who is not JPM almost imploded), every day we get a new and more shocking foreclosure or default.

Today, it is the infamous Brooklyn Tower, the 1066-foot building, sometimes called the Eye of Sauron, which is the tallest in all of Brooklyn. According to marketing materials from JLL, Silverstein Capital Partners has scheduled a foreclosure auction for 9 DeKalb Ave., JDS Development’s Brooklyn Tower.

JDS took out a $240M mezzanine loan from Larry Silverstein’s firm in 2019 as part of a $664M debt package to build the 93-story, 1,066-foot tower in Downtown Brooklyn. Yet despite what the media said was a flood of interest in the property, less than five years later, JDS has defaulted on the loan, according to the foreclosure notice, first reported by ten31 on X, triggering the foreclosure auction, scheduled for June 10.

To lock in the entire capital structure, Silverstein also bought the property’s senior debt, a $424M mortgage originally provided by Otéra Capital, earlier this year. A spokesperson for Silverstein told Bisnow in an email that the junior, senior and mezzanine loans for 9 DeKalb are all in default and that Silverstein is enforcing its rights as a lender, i.e., the Eye of Sauron is about to have a new master.

Read More: The Tower Of Sauron Can’t Pay Its Debt: Brooklyn’s Tallest Building Is In Foreclosure

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