Proposed New Residential Skyscraper in Brooklyn could Rival Empire State Building in Height

Published Date : Aug 05, 2015

The century old former Dime Savings Bank of New York in Brooklyn has been a national landmark in its own way. With its fluted columns and gilded interior, the building has been known to resemble a neo-classical temple with a stately interior environment. 

When luxury real estate developer Michael Stern, however, struck a deal to purchase the building for US$ 90 million, there was something else that he was after – accompanying development rights that will let him construct a new skyscraper just next to it. This building could potentially be as tall as the Empire State Building. This building would be the latest in a wave of construction activities that have led to soaring residential towers lining up in New York City. This includes the 432 Park Avenue.

Stern owns the property next door to the Dime Savings Bank of New York, which is the 340 Flatbush Avenue Extension, and this means that the joint development and air rights could allow Stern to build a residential tower that is nearly 600,000 square feet. The skyscraper could also exceed the height of the Empire State Building, which presently stands at 1,454 feet tall. 

Stern already has a history of similarly ambitious projects. Presently he is building an apartment complex in Manhattan that is designed to be taller than 1,400 feet. According to a website for the building, prices of condominiums start at US$14 million. 

There have been speculations on whether or not Brooklyn will be getting a new high-rise started last year after JPMorgan Chase & Co. decided to put the property on the market last December. JPMorgan Chase & Co. was the last owners of the Dime Savings Bank building. 

What caught the attention of several people as soon as the property went on the market was the air rights that came along with the property and the possibility of someone constructing a soaring skyscraper next door.