​Michael Stern’s JDS scores Miami’s largest condo construction loan in nearly a year​

Madison Realty Capital, a real estate investor and lender based in New York, provided a $137 construction loan for Michael Stern’s JDS Development condominium project on South Beach in Miami, Monad Terrace. Partnering with New Valley, Ackerman Development and Mink Development, JDS launched sales of the 59-unit building in February 2017. According to Stern, construction will soon go vertical with an expected completion date of fall 2019. “Large construction loans in Florida right now are few and far between and this speaks to the quality of the project and the vision of the lender,” Stern explained. Residences at Monad Terrace range from 1,500 square feet to 5,350 square feet and prices start at $1.7 million. Climbing gardens, reflecting pools, and large terraces overlooking the bay uniquely characterize the building.

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JDS, Largo land $91M construction loan for Chelsea condo development

JDS Development Group has secured a $91 million dollar loan from Madison Realty Capital for the final completion of construction at luxury condominium project The Fitzroy, located at 514 West 24th Street in Chelsea. Designed inside and out by Roman & Williams, the Fitzroy is a 10-story, 65,346-square foot boutique condominium building with fourteen residences. Construction is almost complete, with first move-ins scheduled for summer 2018.

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If you party, will they come?

Groundbreakings for residential new development projects in Miami Beach have becoming increasingly important signals to buyers that a project is moving forward with construction. In October 2017, the developer of Monad Terrace—JDS Development Group—held a presentation of the 59-unit project at the sales gallery, followed by a marching band parade that led attendees towards the South Beach site, where a crane broke ground accompanied by fireworks. Monad Terrace received $62.5 million dollars in construction financing from Vanbarton Group. Designed by Ateliers Jean Nouvel, Monad Terrace presents 59 luxury waterfront condominium residences on Biscayne Bay in South Beach.

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SHoP’s (Expanding) House

Since their show-stopping design for the Barclays Center turned an international design spotlight on SHoP Architects in 2013, the firm has been creating a range of innovative new residential projects in New York, including several major projects for JDS Development Group. JDS founder Michael Stern reached out to the SHoP team in 2013, noting with admiration that he had wanted to “meet the lunatics” who had designed Barclays. He was especially impressed that for a project under a great deal of scrutiny, and with complex politics involved, SHoP had made bold aesthetic choices rather than playing it safe. Four years later, JDS and SHoP have undertaken several high-profile projects together, including the ultratall 111 West 57th Street, which combines the landmarked Steinway Building with a sleek new tower clad in light-colored ceramics and brass. On the East River Waterfront, the firms have collaborated on the eye-catching American Copper Buildings at 626 First Avenue. And in another collaboration that deftly weaves a historic building into a new project, the luxury rentals at 9 DeKalb Avenue, which sit adjacent to the landmarked Dime Savings Bank, will soon be in Brooklyn’s tallest residential tower.

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In resi development, “Other People’s Money” no longer cuts it

The use of “other people’s money”—equity that comes from someone other than a project’s developer—is on the decline, thanks in part to increased caution in the wake of the 2008 financial crisis, but capital is still flowing into the United States from all corners of the world. According to JDS Development Group’s Michael Stern, the activity level of investors from different countries, particularly Russia, China, and South America, ebbs and flows. “There’s always a country of the moment,” he said. “There always seems to be an alternative.” Stern is also optimistic that land sales are going to increase, noting that the recent lack of land sales has made an oversupply of new condos less likely.

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Monad Terrace at 1300 Monad Terrace

Monad Terrace Project Scores Approval for Design Changes

The striking design of Monad Terrace, a new luxury Miami Beach residence designed by the Pritzker Prize-winning architect Jean Nouvel, is evident from the front entrance—framed by a porte-cochère canopy—that opens onto a double-height lobby overlooking Biscayne Bay. Sales at the development, which has 59 apartments ranging from two to five bedrooms, began in February. Calibrated to appeal to buyers with a penchant for great design, the building is perched on the edge of the Bay, where it can take full advantage of the light reflecting off the water. Residences offer an array of amenities, including custom kitchens, landscaped terraces, and luxurious marble bathrooms. Monad Terrace is the first Miami Beach project by JDS Development, whose nearby properties include Echo Brickell and Echo Aventura in Wynwood/Edgewater.

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JDS, Chetrit land $35M loan for Brooklyn’s tallest tower

JDS Development Group has secured financing to complete the 73-story, mixed-used building at 9 DeKalb Avenue in Downtown Brooklyn. The residential real estate developer has teamed up with Chetrit Group on the 400-residence project, which will become Brooklyn’s tallest tower when it tops out at 1,066 feet. Designed by SHoP Architects, the glass- and bronze-clad skyscraper will also incorporate the opulent, Greek-inspired, landmarked Dime Savings Bank on its ground floor.

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Monad Terrace at 1300 Monad Terrace

Michael Stern’s JDS kicks off sales for Monad Terrace in South Beach

Residential real estate developer Michael Stern is poised to launch sales at Monad Terrace, his first building in Miami Beach. The CEO of New York-based real estate firm JDS Development Group has partnered with Pritzker Prize-winning architect Jean Nouvel, investor New Valley, and Ackerman Development, to create the 59-residence luxury building. The waterfront tower, Nouvel’s first in Miami, is targeting buyers who appreciate the superlative design that demonstrates why Nouvel’s artistry is celebrated around the world. “I think the market will be very receptive to a thoughtful, great project,” says Stern. When the building is complete in 2019, residents will enjoy custom kitchens, marble baths, climbing gardens, terraces with views of Biscayne Bay, and amenities that include a fitness center, swimming pool, private lounge, and dock access.

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NYC real estate is becoming a “meritocracy”: Michael Stern

The world of NYC real estate development has transformed from an aristocracy dominated by developers from established real estate dynasties into a leveled “meritocracy”, according to Michael Stern, the head of the JDS Development Group. Speaking at a recent panel hosted by the Downtown Brooklyn Partnership, Stern credited the change to the Internet–which freed information once kept behind closed doors–as well as nimbler urban development in the information age. Instead of waiting until an area has been filled with offices before introducing residential developments, Stern is successfully reversing the trend with developments like the super-tall residential tower under construction in Downtown Brooklyn, which is adding new vibrancy to the booming neighborhood.

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