Early this month, a 2,859-square-foot penthouse at 550 Vanderbilt Ave. in Prospect Heights — part of the Pacific Park megaproject near Barclays Center — hit the market for $6.86 million. If it sells for that price, it would handily squash the area’s existing $5.1 million condo record.Below, the rendering provided to the Post of the penthouse:
...“Brooklyn is a hot spot in general — it’s drawing the attention of a wider demographic looking for all types of housing, including luxury housing that they see in Manhattan,” says Jodi Stasse, the managing director at Corcoran Sunshine Marketing Group who’s overseeing sales efforts at 550 Vanderbilt.
...One [new product] is 550 Vanderbilt’s $6.86 million specimen, which came to market two weeks ago and has triple exposures and a 1,850-square-foot terrace. But its best feature, perhaps, is that’s it’s a relative bargain.
As Strasse says, “To find that in Manhattan, the [price] would be double.
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…