The Real Deal New York

First Pacific Park Brooklyn condos to hit the market

278 units for sale at long-delayed development's 550 Vanderbilt

June 15, 2015 12:00PM

Rendering of 550 Vanderbilt and MaryAnne Gilmartin

Rendering of 550 Vanderbilt at Pacific Park Brooklyn (credit: VUW Studio) and MaryAnne Gilmartin

UPDATED, 4:54 p.m., June 15: After years of delays, the first condominiums at the Pacific Park Brooklyn development site near the Barclays Center opened for sales this week.

All 278 units at Greenland Forest City Partners’ 17-story 550 Vanderbilt condo development are on the market, with construction also underway on two other rental buildings housing some 600 units. Prices at 550 Vanderbilt will range from $550,000 to $5.5 million, The Real Deal reported earlier this year, with Corcoran Sunshine Marketing Group handling sales.

550 Vanderbilt is the first of four condo buildings that will go up at the Pacific Park Brooklyn development, according to a news release. The long-delayed, $4.9 billion plan for the site, located adjacent to the Barclays Center, calls for 14 residential buildings featuring 6,430 apartments – including 2,250 subsidized units – to be completed by 2025.

A new timeline agreed last June fast-tracked development at the project, formerly known as Atlantic Yards, after Forest City Ratner secured an influx of capital through a partnership with Greenland USA — a subsidiary of Chinese development company Greenland Holding Group. – Rey Mashayekhi