670 Pacific, as it was being finished In July, I compared posted rents at the new 670 Pacific Street apartment building adjacent to the Atlantic Yards/Pacific Park site, and observed that the posted rents were not far off the announced most expensive affordable units at nearby 461 Dean, a 50% affordable building in the project: studio: $2,399 vs. $1,996 at 461 Dean 1 BR: $2.999, vs. $2,504 at 461 Dean 2 BR: $3,999, vs. $3,012 at 461 Dean Another look: rent gap narrows Actually, that deserves another look, comparing the current rental prices at 670 Pacific--a net effective rent that includes one month free--with rents at 535 Carlton , a "100% affordable" building with slightly higher rents than 461 Dean: studio: $2,338 vs. $2,137 at 535 Carlton, an 8.6% discount off market 1 BR: $2,784, vs. $2,680 at 535 Carlton, a 3.7% discount off market 2 BR: $3,919, vs. $3,223 at 535 Carlton, a 17.8% discount off market That discount won't last, since a lease ren...
This watchdog blog, by journalist Norman Oder, concerns the $6B project to build the Barclays Center arena & 15-16 towers at a crucial site in Brooklyn. Dubbed Atlantic Yards by developer Forest City Ratner in 2003, it was rebranded Pacific Park Brooklyn in 2014 after the Chinese government-owned Greenland USA bought a 70% stake going forward. In 2018, once the arena & four towers were built, Greenland bought out most of Forest City's stake, then sold three leases to other companies.