Welcome to... 655 Dean Street? Unsold maisonette at 550 Vanderbilt refreshed with new address (and price chop)

In a 10/23/20 article, the New York Times reported that, "of more than 20,000 condo units citywide that have come to market since 2018, nearly 60 percent remain unsold," or $33 billion of unsold apartments.

That's a lot. 

Maisonettes on Dean Street (Google Maps);
M1 is at the far west (left)

I'm not sure if that includes units at 550 Vanderbilt in Brooklyn, the sole condo building in Atlantic Yards/Pacific Park, since sales there begin in 2015--but not all units were put on the market at that time.

That said, 11 of the 278 condos remain unsold, by my count, which suggests relatively slow sales since the final 32 units were put on a flash sale in December 2018.

And they're all larger, more expensive units. They include the three uber-expensive penthouse apartments--less enticing now, without a private elevator, right?--and one of the three ground-floor maisonettes, with separate street-level entrances.

That unsold maisonette is referred variously as M1 or TH1, presumably Townhouse 1. An earlier listing price, $4,650,000, has been reduced to $4,500,000, $4,175,000, and now $3,995,000.

A new address

Monthly charges: N/A

Recently, in a creative--or desperate--attempt to rebrand/refresh the unit, it's being listed by Ryan Serhant and Nest Seekers International at a new address, 655 Dean Street.

But the URL on the listing still says 550 Vanderbilt and the listing text dances around the distinction:

Situated in Prospect Heights, 655 Dean Street is just steps from all the restaurants, bars, cafes, and shops that line Vanderbilt and Atlantic Avenues. It is close to Prospect Park and Barclays Center, and sits within Pacific Park, the revolutionary new Frank Gehry-designed 22-acre project with 350,000 square feet dedicated entirely to park space, children’s play areas, open lawns, basketball courts, dog runs, and more.

Owners of 655 Dean Street will enjoy access to 550 Vanderbilt’s 10,000 square feet of amenities. For $3,733 a month in common charges, these include a library by McNally Jackson, fitness center by The Wright Fit, lounge with catering kitchen, children’s playroom, pet grooming station, and an amazing rooftop terrace with communal gardens and breathtaking city views.

Common charges $3,733/month

The actual location of the maisonette/townhouse may indeed approximate 655 Dean Street. But it's not an address used before, not even to sell the other two maisonettes.

(Update: I should've added that M1 is at the far west end of the building, thus closest to the adjacent construction site 615 Dean, where construction will continue into 2023.)

Oddly--careless or intended?--the 655 Dean listing omits the monthly common charges, while a counterpart listing that retains the 550 Vanderbilt address does say $3,733/month.

The big savings: taxes

What's not visible in any of these is the huge savings on taxes, now said to be $245 a month. Originally, the owner would've had to pay $3,070 a month in taxes. 

The current payment represents an astounding 92% reduction.

That's due to the successful, if highly dubious, effort by the project's developer to yoke 550 Vanderbilt in a single zoning lot with 535 Carlton Avenue down the street, thus creating an affordable "project" and allowing a vastly increased tax break, as I reported in October 2017 for City Limits.