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JDSPulse Facing Pressure. Here Are the Facts
JDSPulse has obtained credible information indicating that businessman Michael Stern:
– Is attempting to file lawsuits against our newsroom, a private investigator, and alleged sources of information.
– Is seeking new legal representation after losing the support of the law firm Katsky Korins due to non-payment.
– Has initiated a lawsuit against a private investigator, not to refute claims, but to uncover who commissioned the investigation.
– Is prepared to use a “defamation lawsuit” as a public relations tool to create an impression among investors that the allegations lack merit.
– Might be affiliated with the significant Distributed Denial-of-Service (DDoS) attack on the jdspulse.com website that took place on 11 June 2025 and put the service down for a several hours
What Is Happening?
📄 The Truth:
✅ We formally contacted Mr. Stern and his legal team, requesting clarification of their grievances.
📭 No response was received.
✅ All information published by us is based on documents from official sources, including:
– Court filings
– Tax debts
– Public registry records
– Publicly available corporate reports
✅ The source that commissioned the independent investigation has confirmed their involvement and stated:
“Everything is true.”
🧷 What Is This About?
This is a SLAPP strategy (Strategic Lawsuit Against Public Participation).
🧠 Not to win in court.
😶 But to intimidate, silence, and create the illusion of defending one’s reputation.
💬 Our Position:
We will not back down.
We stand in defense of our sources.
We will not retract the truth under pressure.
📌 We are prepared for legal action.
📌 We are documenting every attempt to exert pressure.
📌 We will continue to publish information of public significance.
🛡 Support a Free Press
If you are experiencing pressure or possess critical information, please contact us at:
Public figures bear public accountability.
Editorial Board JDSPulse -
JDSPulse Comment on the “Final Approval” of JDS’ South Beach Upzoning
On June 30, The Real Deal reported that the Miami Beach City Commission granted final approval for the upzoning of the site at 1250 West Avenue, allowing Michael Stern’s JDS Development to build a taller and denser tower with a floor area ratio (FAR) of 5.75.
Read More….
However, neither the article nor the Commission’s decision mentions any independent urban planning or economic review that would objectively assess the impact of such upzoning on the neighborhood. Nor were any legal or financial guarantees disclosed from the developer to ensure delivery on the promised public benefits — including the proposed park on the site of the homeless shelter.
To recap:
– The Miami Beach Planning Board had previously recommended rejecting the proposal, citing its scale and incompatibility with the surrounding area.
– The City Commission nonetheless moved forward, despite resident protests and the lack of a public analysis of how the project might affect infrastructure, traffic, and the social fabric.
– JDS continues to face allegations of financial distress, unfulfilled obligations, and investor lawsuits related to other projects.A fair question remains: who will be held accountable if these promises once again remain only on paper?
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SkyGate and Michael Stern: The Webinar Happened — But Only for Some. And the Money Never Came
On June 17, SkyGate Growth Strategies promoted its inaugural webinar, “Inside the Gate: How the Super Wealthy Built Generational Wealth and How Technology is Reshaping Access”. The speaker: Michael Stern, CEO of JDS Development — a figure familiar to our readers for tax delinquencies, litigation, and broken promises to investors.
But what was meant to be a launch of a cutting-edge investment platform instead revealed a familiar mix of glossy hype, operational chaos, and ultimately zero capital raised.
In a nutshell
📉 The Webinar Happened — and Didn’t
JDSPulse has confirmed two parallel realities:
- 🔵 Yes, a webinar was conducted — featuring presentations of major JDS projects, such as:
- American Copper Buildings
- Walker Tower
- 888 Brickell (Dolce & Gabbana) and Mercedes-Benz Places
Investors were promised:
- 8% annualized preferred return, paid monthly
- 23% IRR
- $25,000 minimum investment
- Exposure across the full capital stack (senior debt, preferred equity, etc.)
However, no names of committed investors, audited financials, or regulatory protections were disclosed.
- 🔴 Yet, for many, the event never happened. Documents submitted by a verified participant show:
- Broken access link on the day of the webinar
- Bounce-back errors from SkyGate’s support email
- No cancellation notice, no follow-up communication
📝 Read SkyGate Webinar Collapse memo
📣 This wasn’t a technical hiccup — it echoed a recurring pattern of disorganization and opacity seen in Stern’s past investor-facing efforts.
🧾 What About the Capital?
According to the official SEC Form D filed on March 11, 2025:
- 📄 Form D — SEC Filing
- Total raised: $0
- Number of investors: 0
- Issuer: SkyGate Growth Strategies I LLC (Delaware)
- Not registered as an investment company or broker-dealer
- Minimum investment: $25,000
- Offering duration: ongoing (no deadline)
⚠️ Risk Factors
1.
Track Record of JDS and Michael Stern
- $515,000 in unpaid Miami property taxes
- Developer default on 9 DeKalb Avenue
- Lawsuits involving Monad Terrace and accusations of investor fraud
2.
Lack of Transparency
- No governance rights granted to investors
- No external administrator or independent custodian
- No mechanism for investor exit or oversight
3.
Operational Breakdown
- Webinar failed to reach all participants
- No technical support follow-up
- Communications ignored post-event
🔗 Who’s Behind It?
🏢
SkyGate Growth Strategies I LLC
- Registered in Delaware but not a broker-dealer or investment company
- Promoted by Stern and JDS via:
🏦
Industry FinTech Inc.
Listed as fund administrator handling wire transfers to escrow at JPMorgan Chase
Not listed as a FINRA-registered entity or SEC-registered advisor📄 Escrow Wire Instructions (PDF)
Searches through FINRA’s BrokerCheck and the Delaware Division of Corporations return no regulated status for either entity.🎭 The Rhetoric vs. Reality Gap
SkyGate markets itself as a sophisticated alternative to REITs and crowdfunding. But in reality:
- There’s no licensed financial oversight
- No track record of performance
- No independent fund governance
It is essentially a rebranded capital-raising funnel controlled entirely by Stern and his entities.
📌 JDSPulse Conclusion
SkyGate presents itself as a modern, elite co-investment platform. What we see instead is:
- A failed public launch
- No investor traction
- A complete lack of regulatory protection
Yes, the webinar happened — for some. But the outcome is clear: $0 raised, and growing investor skepticism.
🛑 Recommendations
- For investors: do not transfer funds without legal due diligence, regulatory confirmation, and independently verified audits.
- For journalists and analysts: track any further fundraising activity linked to SkyGate, JDS, or Industry FinTech.
- For regulators: investigate the potential for securities violations and misleading marketing under Reg D exemptions.
📩 If you attempted to attend the June 17 webinar or received a solicitation from SkyGate, contact us at
contact@jdspulse.com — anonymity guaranteed.
Source: GlobeNewswire, June 6, 2025
- 🔵 Yes, a webinar was conducted — featuring presentations of major JDS projects, such as:
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SkyGate Webinar Collapse: Michael Stern’s “Elite” Event Ends in Silence
Earlier this month, SkyGate Growth Strategies announced its inaugural webinar, “Inside the Gate: How the Super Wealthy Built Generational Real Estate Wealth and How Technology is Shaping the Future of Access,” with Michael Stern, CEO of JDS Development, as the featured speaker. The event, scheduled for June 17, was heavily promoted as a gateway to “exclusive” real estate investment opportunities with a minimum entry point of $25,000.
But what actually happened?
❌ No Event. No Access. No Explanation.
JDSPulse received documents from a concerned prospective investor who had fully registered for the webinar. The screenshots — now verified — show:
- Multiple email confirmations from SkyGate and Demio confirming participation.
- A broken join link on the day of the event.
- Bounce-back errors when attempting to contact the SkyGate support email (connect@skygategs.com).
- No cancellation notice. No follow-up. No communication.
Email request for clarification was rejected
⚠️ A Familiar Pattern?
Let’s be clear:
This is not just a technical hiccup. It’s the latest example in a growing pattern of disorganization, disregard for investor transparency, and broken promises — hallmarks of Michael Stern’s track record.
From the 9 DeKalb default to tax delinquencies exceeding $500K and ongoing litigation tied to Monad Terrace, Stern’s operations have raised red flags for years. And now, a highly publicized investor-facing event simply vanishes without explanation?
🎭 Hype Over Substance — Again
SkyGate claimed to be opening the gates of elite real estate to “accredited investors.” In reality, the gate was closed, the key broken, and the host nowhere to be found.
📌 JDSPulse Statement
We are currently investigating the breakdown of this event and requesting comment from SkyGate representatives. Until answers are provided, we urge extreme caution for anyone considering involvement with SkyGate or JDS-related offerings.
If you attempted to join the June 17 webinar and were denied access or misled, please contact us at contact@jdspulse.com. Anonymity guaranteed.
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Clearing the Ground: How Michael Stern Pushes Out the Poor to Make Room for Luxury Towers
City commissioners on Monday night advanced a plan that could turn the Bikini Hostel on West Avenue at 13th Street into a park, but several said they wanted more concessions from the developer.
Read More
Miami Beach, FL — Developer Michael Stern is pursuing a new project involving the former Bikini Hostel, which has been temporarily serving as a shelter for over 100 unhoused individuals. According to reports, Stern plans to acquire the property, demolish the existing structure, and develop a luxury high-rise in its place.
City records indicate that Stern has secured approval to build a structure reaching 330 feet, nearly three times the height permitted under current zoning regulations of 100 feet. This allowance is reportedly tied to an agreement to address the presence of the shelter, which some claim impacts the marketability of luxury condominiums.
The project has sparked debate. Discussions of a potential “future park” have been mentioned, but no confirmed plans for relocating the shelter’s residents have been publicly detailed. Stern’s development model appears consistent with his past projects, focusing on acquiring properties, securing zoning variances, and maximizing development potential.
Questions remain about the outcomes of Stern’s previous ventures, such as Steinway Tower, 9 DeKalb, and Monad Terrace, and whether investors have seen consistent returns. The broader impact of such developments on local communities continues to be a point of discussion.
JDSPulse encourages readers to consider the broader implications of urban development and its effects on all stakeholders.
Sources:
1. NBC Miami — Miami Beach Hostel Turned Homeless Shelter Inches Closer to Demolition
2. The Real Deal — JDS wants to build 330-foot-tall Miami Beach condohttps://therealdeal.com/miami/2024/04/02/jds-wants-to-build-330-foot-tall-miami-beach-condo/
3. The Real Deal — JDS partners finally sell condos at 111 West 57th (Steinway Tower)https://therealdeal.com/2022/12/12/jds-partners-finally-sell-condos-at-111-west-57th/
4. Commercial Observer — 9 DeKalb in Default: JDS Faces New Challenges in Brooklyn https://commercialobserver.com/2024/02/9-dekalb-default-michael-stern-jds/5. Goodbye, Bikini Hostel? Miami Beach advances deal to close hostel-turned-shelter https://www.miamiherald.com/news/local/community/miami-dade/miami-beach/article307967400.html
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Michael Stern and SkyGate — New Frontier or the Same Old Scam?
On June 6, 2025, SkyGate Growth Strategies announced the launch of its new webinar series with an inaugural event titled “Inside The Gate: How the Super Wealthy Built Generational Wealth and Technology Is Rewriting the Rules,” scheduled for June 17. The keynote speaker will be Michael Stern, CEO of JDS Development Group — a figure already well known to our readers for numerous lawsuits, tax delinquencies, and unmet obligations to investors.
What’s really behind this initiative?
According to the official press release, SkyGate aims to offer accredited investors access to “exclusive” JDS real estate developments, with a minimum investment of $25,000 — low enough to attract a broad audience of high-net-worth individuals, but high enough to preserve an illusion of elite access.
But the core question remains: Why does a developer like JDS need to raise capital through mass solicitation of small checks?
⚠️ Risk Factors for Prospective Investors
- 📉 JDS and Stern’s Troubled Track Record
• As of May 2025, JDS has failed to pay $515,000 in property taxes on Stern’s luxury mansion in Miami (6070 North Bay Road), which is held through the shell entity 6070 NBR LLC.
• The default on the 9 DeKalb Avenue project in New York and investor complaints over Monad Terrace have significantly undermined confidence in the developer’s financial integrity. - ⚖️ Legal and Regulatory Exposure
• Ongoing litigation in the U.S. and offshore jurisdictions has involved allegations of fraud, self-dealing, and corporate sabotage.
• Investing in JDS projects through platforms like SkyGate could leave participants legally unprotected — especially those unfamiliar with the risks of securitized real estate vehicles. - 🧮 Lack of Transparency on Returns and Governance
• The offering promotes “access to prestige assets” but provides no clear data on returns, deal structures, or investor protections.
🎭 Is the Webinar Just a PR Smokescreen?
The tone of the webinar suggests an effort to rebrand Michael Stern as a visionary in “generational wealth” and “tech-enabled development.” But behind the rhetoric of “democratizing access” may lie an urgent liquidity play driven by JDS’s growing financial distress.
🧾 JDSPulse Conclusion: A Rebranding Scheme Disguised as Opportunity
SkyGate and JDS are essentially launching a new form of crowdfunded fundraising under the guise of elite real estate investment. Given the developer’s history of defaults and opacity, participation in such offerings without proper legal and financial due diligence could lead to substantial capital loss.
📌 Our Recommendation
We urge prospective investors, journalists, and analysts to:
• Scrutinize the beneficial ownership and legal ties between SkyGate and JDS.
• Demand full project-level financial disclosure before committing funds.
• Compare promised returns against the documented underperformance of existing JDS developments.If you have additional information about SkyGate, JDS, or Michael Stern, contact the JDSPulse editorial team. Anonymity guaranteed.
Source
- 📉 JDS and Stern’s Troubled Track Record
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Mercedes-Benz Places: Glossy Promises vs. Real Risk
The Mercedes-Benz Places project in Miami, developed by JDS Development and Michael Stern in partnership with Mercedes-Benz, is marketed as a “city of the future”: AI-integrated apartments, smart home systems, in-car connectivity, luxury amenities, and a fully digital lifestyle. But when you look at JDS’s track record under Stern, skepticism is more than justified.
Read More…
— The Promises:
• AI integration with Mercedes-Benz vehicles
• Voice and mobile smart home assistants
• Panoramic pool, wellness lounges, recording studio, F1 simulator
• ReWyre app as the central digital infrastructure for resident services and building controlSource: Newsweek, “AI Will Connect Mercedes-Benz Places Residents to the World” https://www.newsweek.com/ai-will-connect-mercedes-benz-places-residents-world-2080280
Read from Archive…..— Execution Problems: JDS Track Record
1. Brooklyn Tower (9 DeKalb): Marketed as Brooklyn’s crown jewel with a rooftop pool. In practice, the pool remained a rendering in a glossy brochure. Sales underperformed, the developer defaulted, and the building was taken over by Silverstein Capital.Notably, the luxury Life Time fitness club, originally promised for 2022, is still not operational. Despite early marketing by JDS in 2019 promising a full-scale spa, pool, and wellness complex, the facility now shows a revised opening date of 2026 (Life Time official page).
Source: Business Insider, May 2025
https://www.businessinsider.com/skyline-michael-stern-lawsuits-steinway-9-dekalb-2025-5
2. Steinway Tower (111 W 57th St): Super-skinny Manhattan skyscraper. Went over budget by $100M+, investors were wiped out after a mezzanine loan foreclosure. Some promised features were either cut or never delivered.Sources: The Real Deal, JDSPulse, AmBase Corp. legal filings
3. Monad Terrace (Miami): Despite its stunning Jean Nouvel design, the project was mired in investor lawsuits, unpaid fees, and construction defects (leaking showers, rusting rebar). Residents demanded formal mediation shortly after moving in.Source: JDSPulse, December 2024
https://jdspulse.org/monad-defects-complaints-2024
4. Walker Tower (NYC): Initially a financial success, but riddled with behind-the-scenes partner disputes. Stern sold his own unit at a loss, showcasing a pattern: claim the credit, shift the risk.Source: Billionaires’ Row, WSJ, JDSPulse
— Mercedes-Benz Places: Risks Beneath the AI Hype
• As early as December 2024, consultants flagged inflated budgets: concrete alone $30M over projections, the facade ranked as Miami’s most expensive.
• Italian partner Gianluca Vacchi reportedly tried to exit, demanding a $35M refund.
• A consultant sued for $1.7M in unpaid fees, calling the project team “notoriously problematic.”Source: Florida Consultant vs. Vacchi Holdings lawsuit, JDSPulse, Feb 2025 https://jdspulse.org/vacchi-lawsuit-documents
— Conclusion:
JDS projects love big talk. In practice:
• Smart features are downgraded or abandoned,
• Timelines slip,
• Partners lose money,
• And when the music stops, buyers and minority investors are last in line.Mercedes-Benz Places risks following that same path. Before investing in another “icon of the future,” check the past. JDS’s history speaks louder than its renderings.
JDSPulse Recommendation: Don’t trust the brochure. Demand escrow, legal safeguards, and transparent audits. Remember: a luxury brand isn’t a completion guarantee — especially when the builder is Michael Stern.
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Michael Stern Skips $515K Tax Bill on His Miami Mansion — Again
Miami Beach, FL — While developer Michael Stern continues to promote his image as a reputable businessman, public records tell a different story: he has failed to pay the $515,225.09 property tax bill for his luxury mansion on 6070 North Bay Road for the 2024 fiscal year.
Read More…..
The waterfront estate — estimated to be worth between $30M and $100M — is owned through 6070 NBR LLC, a Florida shell company managed by Stern himself. According to Miami-Dade County records, the 2023 tax bill of $290,200 was paid months late, in March 2024. This year, no payment has been recorded — and the bill is now flagged as “Unpaid – Not Payable Online.”
“He stiffed lenders at 9 DeKalb, bled investors dry at Monad, and now he’s skipping taxes on his mansion? This man doesn’t forget — he just doesn’t pay,” said one former business associate.
Stern, already entangled in lawsuits over fraud, fund diversion, and project collapses, now adds delinquent property taxes to the mounting evidence of a developer in free fall.
So much for ‘responsible leadership’
Source -
Michael Stern built the world’s skinniest skyscraper — and a mountain of legal disputes
Michael Stern was fed up.
For weeks, an anonymous website had been portraying the real estate developer as a fraud who has a history of deceiving investors and business partners.
Does he? Stern says no. In April, he filed a lawsuit seeking to clear his name, demanding that a judge unmask the anonymous website creator.
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Miami Beach commissioners demand shutdown of hostel sheltering over 100 homeless people
Michael Stern, head of JDS Development Group, has proposed funding the construction of a public parking garage on the site of the Bikini Hostel (currently a homeless shelter) in Miami Beach. This proposal is part of his larger plan to build a 29-story residential tower at 1250 West Avenue. To proceed, Stern requested zoning changes, including increases to allowable building height and density. In exchange, he has pledged to invest between $20 million and $25 million to construct the new parking facility at the Bikini Hostel site, along with additional funding for waterfront improvements and enhancements to the local health center.
However, on March 4, 2025, the Miami Beach Planning Board narrowly voted to recommend against the requested zoning changes, citing concerns about the proposed project’s height and scale. Nevertheless, the final decision rests with the City Commission, which will review the proposal this month, hopefully taking into account the information provided on jdspulse.com.
Thus, Michael Stern’s promise to build the public parking garage at the Bikini Hostel site hinges entirely on the city’s approval of his broader development project. Until the project receives final approval, the future of the proposed parking facility remains uncertain.