Thursday, May 21, 2015

Forest City: 550 Vanderbilt condo sales office to launch in June at Barclays Center space (+ Gilmartin says BK's overheated)

The Real Deal reported today, in Forest City’s Gilmartin: Queens and the Bronx are where it’s at:
“Brooklyn might be a little overheated for us,” Gilmartin said Wednesday at the Honest Buildings Real Estate Innovation Summit, held at 7 World Trade Center. She added that real estate prices in Brooklyn have gotten “out of control.”
Forest City is co-developing the Pacific Park residential project in Brooklyn with China’s Greenland Group, and Gilmartin said she still likes Brooklyn neighborhoods such as Gowanus. But she sees greater potential in two other boroughs.
 “I think the future is probably Queens, to be honest,” she said. “If I had enormous amounts of cash to invest, I would pick up properties in Queens and the Bronx.”
Launching condo sales

The most interesting nugget came at the end, regarding the 550 Vanderbilt Avenue condo building: sales will launch in June out of a sales office in the Barclays Center, according to Gilmartin. (Studios will start at $550,000.)

In other words, they'll redeploy some retail space.

(Note that there is already a sales office in Shanghai.)

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