Sunday, October 25, 2015

From affordable housing solution to (relative bargain!) $6.86 million penthouse

Oh, remember how Atlantic Yards, according to a promotional flyer produced by Forest City Ratner in 2006 (before the project was trimmed slightly) was to supply "over 6,800 units of badly needed mixed-income housing for Brooklyn"?

Remember how Atlantic Yards was, as the flyer said, "Helping Solve Brooklyn's Housing Crisis"?

Well, consider the New York Post, 10/14/15, The meteoric price rise of the Brooklyn penthouse:
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.
...“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.
Below, the rendering provided to the Post of the penthouse:

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