The Real Deal New York

Pacific Park’s 550 Vanderbilt hits 50 percent sold mark

140 condos in contract for blended average of $1,500 psf

June 29, 2016 07:05AM
By E.B. Solomont

550 Vanderbilt Avenue and Forest City's MaryAnne Gilmartin

550 Vanderbilt Avenue and Forest City Ratner’s MaryAnne Gilmartin

Nine months after officially launching sales, Pacific Park Brooklyn’s first condominium building is 50 percent sold, the developer said.

More than 140 units at 550 Vanderbilt Avenue are now in contract, with a blended average sale price of $1,500 per square foot. Closings are expected to start by the end of the year, said Shwetha Subramanian, director of residential development at Greenland Forest City Partners.

The 278-unit building – where prices range from $700,000 for studios to $6.8 million for a penthouse – feature a mix of studios, one- and two-bedrooms, along with duplexes and maisonettes. So far, the two- and three-bedroom units are selling for a blended average of about $1,600 per square foot, said Jodi Stasse of Corcoran Sunshine Marketing Group, which is marketing the project. A four-bedroom duplex asking more than $4 million is also in contract, and there are fewer than four studios left in the building, she added.

Construction is expected to wrap up at the beginning of next year. The COOKFOX-designed building currently has two penthouses available, one for $5.8 million and the other asking $6.8 million.

The building’s amenities include a lounge, library, pet spa, fitness center, common terrace and courtyard. Its total projected sellout is $393.7 million, filings with the state Attorney General’s office show.

550 Vanderbilt is the first of four condo buildings that are planned for Pacific Park, the $4.9 billion megadevelopment formerly known as Atlantic Yards.

The complex, which has endured years of delays, is slated to eventually include 14 residential buildings with 6,430 apartments – including 2,250 affordable units. Construction will completed by 2025. But any affordable buildings that have yet to break ground are unlikely to rise without the 421a tax abatement, Forest City Ratner’s CEO MaryAnne Gilmartin recently told The Real Deal.

In 2013, Forest City secured an influx of capital through its partnership with co-developer Greenland USA, a subsidiary of the Chinese firm Greenland Holdings Group.

The developers, known jointly as Greenland Forest City Partners, subsequently agreed to a new timeline that would fast-track development at the project.

Last year, the developers secured a $200 million construction loan from HSBC Holdings for 550 Vanderbilt Avenue.

In addition to 550 Vanderbilt, other buildings under construction include 461 Dean Street, a market-rate and affordable housing rental and two affordable projects, 535 Carlton Street and 38 Sixth Avenue. As of April, Greenland Forest City was shopping around an equity stake in three of the complex’s buildings.

 

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