The lender, Silverstein Properties, had moved to foreclose on the property, with the auction scheduled for this Monday, June 10, before issuing a same-day statement that it was discussing a settlement with Michael Stern's JDS Development.
Although Michael Stern had originally purchased the building with Joseph Chetrit in 2015, he bought out the latter's share three years later. Chetrit sued both Stern and JDS with the claims he was owed more than $17 million, but the lawsuit was later dropped.
The Brooklyn Tower has about 400 apartments and 150 condos. Prices range from $950,000 to almost $8 million. The affordable units compose about 30 percent of the building, starting at $4,370 for a studio.
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