Skip to main content

The selling of 670 Pacific Street: neighbors downplayed; rent levels not far off "affordable"

664 Pacific, from Dean Street (arrow added);
670 Pacific would be behind this view
Some interesting things should be noted about 670 Pacific Street, the new 8-story, 86-unit luxury rental building sandwiched between the Newswalk condo building and the yet-to-be-built 664 Pacific (aka B15 site) on Pacific between Sixth and Carlton avenues:
  • the building's renderings  portray it as the tallest residential building around, rather than dwarfed by Newswalk and (under-construction Pacific Park towers
  • the market-rate rents are not so far off the affordable rents for the most expensive subsidized units in the first Pacific Park building
  • it's using pre-rusted metal for an exterior features, which suggests the arena's style has some influence
The renderings

The renderings below of 670 Pacific  show only the smallest section of Newswalk, to the left (east) and a now-demolished grey industrial building to the right (west).

Today, there's a hole in the ground, a four-year construction process, and a planned 27-story apartment tower with a middle-school (above right). More importantly, there are two much larger buildings on Dean Street, as shown in the photos in the next section.



Some photos

Here are some photos I shot last weekend.

Looking east toward Newswalk (and 535 Carlton and 550 Vanderbilt in the background)

Looking south from Atlantic Avenue, with 38 Sixth Avenue under construction and 461 Dean Street finished

Looking east toward Newswalk, with an empty lot awaiting 664 Pacific

Looking north from Dean Street and Sixth Avenue, with an empty lot awaiting 664 Pacific

Looking west toward 38 Sixth and Barclays Center
From the blurb

According to CitiHabitats:
Just a stone’s throw away from the crossroads of Brooklyn at Atlantic and Flatbush Avenues, the new Kutnicki Bernstein designed 670 Pacific Street is an 86-unit development located at the epicenter of today's most talked about entertainment and cultural destinations in NYC. The development’s concrete fa├žade is a modern addition to the Prospect Heights / Downtown Brooklyn cityscape, which prides itself on being a creative blend of historic townhouses and progressive construction. Slip inside and let the lobby wrap you in chic urban sophistication. Here, warm natural tones create a sense of home while textured surfaces invite subtle, unexpected visual excitement.
Once inside 670 Pacific Street touch, see, and feel all the ways the interior design echoes the building’s exterior identity. Enter an apartment and treat yourself to designer appointments from Durkan Design: Corus Quartz polished countertops, high gloss charcoal grey and white cabinetry, high end appliances, four-inch white oak plank floors, deep soaking bathtubs and stunning freestanding showers. Select units offer a private balcony or terrace.
670 Pacific Street offers a varied mix of amenities for residents to enjoy including a lively tenants’ lounge with screening area, state of the art fitness center and an attended lobby. The building’s soon-to-be-iconic landscaped roof deck boasts BBQ and outdoor dining and sunning areas, a Bocce ball court and a circular running track to squeeze in a few laps at the start of your day. Other perks include in unit washer and dryer hookups, onsite parking and storage units.
Head outside and just around the corner for a cup of artisanal coffee, craft beer, or homemade soul food from the diverse local purveyors. Nearby Barclays Center brings the professional athletic world right to your doorstep as the home of the Brooklyn Nets and New York Islanders. Manhattan lays at your fingertips with one swipe of a Metro card and you’re on a B, D, Q, N, R, 2, 3, 4, or 5 subway lines (and even the LIRR).
The cost

The listings indicate a net effective rent, as noted on StreetEasy, with an incentive for one month free.


The two-bedroom unit was listed at $4200, then was lowered 5% to $3999.

Compared to the affordable units at 461 Dean, well, they're not far off:
  • An affordable studio goes as high as $1,996 at 461 Dean, but the market rent at 670 Pacific is $2,399, a 20.2% increase or, put differently, a 16.8% discount from market
  • An affordable one-bedroom goes as high as $2,504 at 461 Dean, but the market rent at 670 Pacific is as low as $2,999, a 19.8% increase or, put differently, a 16.5% discount from market. (One bedrooms do go up to $3,461)
  • An affordable two-bedroom as high as $3,012 at 461 Dean, but the market rent at 670 Pacific is $3,999, a 32.8% increase or, put differently, a 24.7% discount from market.
On the other hand, the 461 Dean units offer rent stabilization, so the certainty of lease renewal, and limited increases, plus--based on my eyeball of the one 670 Pacific unit with floor plans--larger units.

Then again, that building is a wee bit of an experiment, given the delays in modular construction. See 461 Dean rents below.

That rusty metal

As shown in the photo at right, they're using pre-rusted metal for the building's exterior signage.

That's a bit of a trend, as Brownstoner noted last October, tracking the use of Corten (or otherwise pre-rusted) steel in residential buildings around Brooklyn.

Comments

Popular posts from this blog

Barclays Center/Levy Restaurants hit with suit charging discrimination on disability, race; supervisors said to use vicious slurs, pursue retaliation

The Daily News has an article today, Barclays Center hit with $5M suit claiming discrimination against disabled, while the New York Post headlined its article Barclays Center sued over taunting disabled employees.

While that's part of the lawsuit, more prominent are claims of racial discrimination and retaliation, with black employees claiming repeated abuse by white supervisors, preferential treatment toward Hispanic colleagues, and retaliation in response to complaints.

Two individual supervisors, for example, are charged with  referring to black employees as “black motherfucker,” “dumb black bitch,” “black monkey,” “piece of shit” and “nigger.”

Two have referred to an employee blind in one eye as “cyclops,” and “the one-eyed guy,” and an employee with a nose disorder as “the nose guy.”

There's been no official response yet though arena spokesman Barry Baum told the Daily News they, but take “allegations of this kind very seriously” and have "a zero tolerance policy for…

Behind the "empty railyards": 40 years of ATURA, Baruch's plan, and the city's diffidence

To supporters of Forest City Ratner's Atlantic Yards project, it's a long-awaited plan for long-overlooked land. "The Atlantic Yards area has been available for any developer in America for over 100 years,” declared Borough President Marty Markowitz at a 5/26/05 City Council hearing.

Charles Gargano, chairman of the Empire State Development Corporation, mused on 11/15/05 to WNYC's Brian Lehrer, “Isn’t it interesting that these railyards have sat for decades and decades and decades, and no one has done a thing about them.” Forest City Ratner spokesman Joe DePlasco, in a 12/19/04 New York Times article ("In a War of Words, One Has the Power to Wound") described the railyards as "an empty scar dividing the community."

But why exactly has the Metropolitan Transportation Authority’s Vanderbilt Yard never been developed? Do public officials have some responsibility?

At a hearing yesterday of the Brooklyn Borough Board Atlantic Yards Committee, Kate Suisma…

No, security guards can't ban photos. Questions remain about visibility of ID/sticker system.

The bi-monthly Atlantic Yards/Pacific Park Community Update meeting June 14, held at 55 Hanson Place, addressed multiple issues, including delays in the project, a new detente with project neighbors,concerns about traffic congestion, upcoming sewer work and demolitions, and an explanation of how high winds caused debris to fly off the under-construction 38 Sixth Avenue building. I'll have more coverage.
Security issues came up several times at the meeting.
Wayne Bailey, a resident who regularly takes photos and videos (that I often use) of construction/operations issues that impact residents, asked representatives of Tishman Construction if the security guard at the sites they're building works for them.
After Tishman Senior VP Eric Reid said yes, Bailey asked why a guard told him not to shoot video of the site, even though he was on a public street.

"I will address it with principals for that security firm," Reid said.
Forest City Ratner executive Ashley Cotton, the …

Atlantic Yards/Pacific Park graphic: what's built/what might be coming + FAQ (post-dated pinned post)

This graphic, posted in January 2018, is post-dated to stay at the top of the blog. It will be updated as announced configurations change and buildings launch. Note the unbuilt B1 and the proposed shift in bulk to the unbuilt Site 5.

The August 2014 tentative configurations proposed by developer Greenland Forest City Partners will change. The project is already well behind that tentative timetable.

How many people are expected?

Atlantic Yards/Pacific Park has a projected 6,430 apartments housing 2.1 persons per unit (as per Chapter 4 of the 2006 Final Environmental Impact Statement), which would mean 13,503 new residents, with 1,890 among them in low-income affordable rentals, and 2,835 in moderate- and middle-income affordable rentals.

That leaves 8,778 people in market-rate rentals and condos, though let's call it 8,358 after subtracting 420 who may live in 200 promised below-market condos. So that's 5,145 in below-market units, though many of them won't be so cheap.

As …

The passing of David Sheets, Dean Street renter, former Freddy's bartender, eminent domain plaintiff, and singular personality

David Sheets, longtime Dean Street renter, Freddy's bartender, eminent domain plaintiff, and singular personality, died 1/17/18 in HCA Greenview Hospital in Bowling Green, KY. He was 56.

There are obituary notices in the Bowling Green Daily News and the Wichita Eagle, which state:
He was born in Wichita, KS where he attended public Schools and Wichita State University. He lived for many years in Brooklyn, NY, and was employed as a legal assistant. David's hobby was cartography and had an avid interest in Mass Transit Systems of the world. David was predeceased by his father, Kenneth E. Sheets. He is survived by his mother, Wilma Smith, step-brother, Billy Ray Smith and his wife, Jane all of Bowling Green; step-sister, Ellen Smith Alexander and her husband, Jerry of Bella Vista, AR; several cousins and step-nieces and step-nephews also survive. Memorial Services will be on Monday, January 22, 2018 at 1:00 pm with visitation from 10:00 am to 1:00 pm Monday at Johnson-Vaughn-Phe…

Some skepticism on Belmont hockey deal: lease value seems far below Aqueduct racino; unclear (but large?) cost for LIRR service

As I wrote for The Bridge 12/20/1, The Islanders Say Bye to Brooklyn, But Where Next?, the press conference announcing a new arena at Belmont Park for the New York Islanders was "long on pomp... but short on specifics."

Notably, a lease valued at $40 million "upfront to lease up to 43 acres over 49 years... seems like a good deal on rent for the state-controlled property." Also, the Long Island Rail Road will expand service to Belmont.

That indicates public support for an arena widely described as "privately financed," but how much? We don't know yet, but some more details--or at least questions--have emerged.

An Aqueduct comparable?

Well, we don't know what the other bid was, and there aren't exactly parcels that large offering direct comparables.

But consider: Genting New York LLC in September 2010 was granted a franchise to operate a video lottery terminal under a 30 year lease on 67 acres at Aqueduct Park (as noted by Gov. Andrew Cuomo).

As…

Barclays Center event June 11 to protest plans to expand Israeli draft; questions about logistics

At right is a photo of a poster spotted in Hasidic Williamsburg right. Clearly there's an event scheduled at the Barclays Center aimed at the Haredi Jewish community (strict Orthodox Jews who reject secular culture), but the lack of English text makes it cryptic.

The website Matzav.com explains, Protest Against Israeli Draft of Bnei Yeshiva Rescheduled for Barclays Center:
A large asifa to protest the drafting of bnei yeshiva in Eretz Yisroel into the Israeli army that had been set to take place this month will instead be held on Sunday, 17 Sivan/June 11, at the Barclays Center in Downtown Brooklyn, NY. So attendees at a big gathering will protest an apparent change of policy that will make it much more difficult for traditional Orthodox Jewish students--both Hasidic (who follow a rebbe) and non-Hasidic (who don't)--to get deferments from the draft. Comments on the Yeshiva World website explain some of the debate.

The logistical questions

What's unclear is how large the ev…