Though 461 Dean was a financial debacle (@ $539K/unit), Forest City still claims it saved 20% on construction costs
Ninety percent of construction was completed off-site, at the nearby Brooklyn Navy Yard. Not only was this welcome news for neighbors, but it also cost developers 20 percent less than building a traditional skyscraper.From Business Insider, 11/16/16, The world's tallest modular apartment building just opened in New York City — take a look inside:
Its developer, Forest City Ratner Companies, built 90% of 461 Dean in its factory at the Brooklyn Navy Yard. That allowed them to save 20% on construction costs, Forest City's VP of residential development, Adam Greene, tells Business Insider.This is Trump-world fantasy time. The Yormarkian Greene has been peddling that 20% line for a while, and also claiming that Atlantic Yards/Pacific Park buildings are "very low density."
According to the slide below, from a November 2016 investor presentation, Forest City is earning only a microscopic .1% in Net Operating Income from its two apartment buildings in Brooklyn DKLB BKLYN (aka 80 DeKalb) and 500 Sterling Place.
That is a small sample. It may have something to do with the luxury apartment glut in Boorklyn. It also may have to do with past problems (better now?) at 500 Sterling.