Sunday, December 14, 2014

Studios "from $400,000": unbuilt Atlantic Yards/Pacific Park condos already being marketed to Chinese buyers

Also note analysis regarding the claim of "Brooklyn's newest neighborhood," the delay in the promised Atlantic Yards Community Development Corporation, and the lack of real affordability in the next two towers.

From Bon-Top International
Keep your eye on the ball. The appearance tomorrow by Greenland Group Chairman and President Zhang Yuliang at the groundbreaking of 535 Carlton, an all-affordable tower, is surely only part of the reason why he's in Brooklyn.

There's also a less-publicized groundbreaking Tuesday for 550 Vanderbilt, an unaffordable condo building. That's a big deal to Greenland, which owns 70% of the Greenland Forest City Partners joint venture, and is owned by the government of Shanghai.

And that building, even before a shovel has gone into the ground, is now being marketed to Chinese investors.

A property consultancy is pitching 550 Vanderbilt as the start of Pacific Park, with condos starting at $400,000, according to a machine translation.

(Note Forest City's claim in October that no sales center had been established, despite seeming evidence to the contrary. Update: Forest City adds in response to this article: "No Pacific Park units are currently on sale, nor has legal approval been given to begin any sales. Listings, including those found at Bon & Top, are not authorized by Greenland USA.")

That again points to the irony of Forest City's 2005 claim that it was swapping office space for condos because of the "dramatic need for housing" expressed by the community.

From the pitch

As noted at bottom, the full web page from Bon-Top International advertises the condo building's proximity to the Brooklyn Public Library, the Vanderbilt Avenue wine store Passage De La Fleur, the Washington Avenue brewing supply store Bitter & Esters, and, for some reason, Trader Joe's in Cobble Hill.

Oddly enough, it portrays a model apartment, at right, as somehow looking over the water. (Maybe this was swapped in from another project.)

And note how one graphic points to the start of additional condo buildings in July 2015 and July 2016 on the southeast block of the project.

The Brooklyn Public Library Central Library
Trader Joe's!

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