550 Vanderbilt (at Dean). Pacific Park, FKA Atlantic Yards

whynot_31

"Groundbreaking for 550 Vanderbilt is set to occur by the end of the year, with sales starting mid-2015."

Source and more text: http://newyorkyimby.com/2014/10/revealed-550-vanderbilt-avenue-17-story-pacific-park-brooklyn-condo-tower.html

The ramen place, Chuko, is in the small building on the left

foolio

looks like theyre removing the tree and bushes my dog likes to pee in. not looking forward to a year of construction noise

whynot_31

Of the many large developments coming to the area, I believe this is the only one which has declared it will be a condo.

I expect prices to be around $1100 a sq ft, depending on finishes.

chekhovian

What is the tallest building in the Flatbush/Atlantic/Utica/Eastern parameters?

I'm guessing it will be one of the Barclays Center buildings when completed.

Vanderbilly

Despite my mild concern that this building could block the tiny splinter of manhattan I can see from my window, I'm a little excited for this whole project to get underway. 

I can't help but to imagine what 400,000 sq ft of ground floor retail will look like spanning those blocks btwn vandy and barclays.   It's like a whole new neighborhood sprouting up.

  

chekhovian

A whole new neighborhood called Pacific Park.

whynot_31

Pacific Park may have as many residents as Prospect Heights currently has....

whynot_31

The area is now surrounded with construction fences, and ground breaking was today (12/15/2014) for the building that will go up on Carlton.

The corner of Vanderbilt and Dean is visible on the right side of this photo:


Photo via Laurie Cumbo's Facebook feed

Here's the developer's website: http://pacificparkbrooklyn.com/

foolio

even though no new information has been presented i didnt grasp just how large this project was until just now. 14 buildings? thats like a micro stuy town. definitely will make vanderbilt much busier in all regards when all is said and done.

pheightsresident

Not only Vanderbilt, but Washington, Flatbush (as if Flatbush needs anymore foot traffic) and even Franklin will benefit greatly from increased foot traffic and consumer spending. 

ehgee

What's the zoning on that McDonalds? It can't last long after all these towers go up.

whynot_31

It could last a while: The owner is likely earning more from appreciation of the land than from selling combo meals. If I were them, I would do that for as long as I had nothing that provided a higher ROI.

Press re: the beginning of Pacific Park
http://www.nydailynews.com/new-york/brooklyn/de-blasio-hails-affordable-complex-3-500-apartments-article-1.2046637

http://ny.curbed.com/archives/2014/12/16/first_look_at_pacific_parks_shopdesigned_affordable_building.php

http://www.wsj.com/articles/second-apartment-tower-near-barclays-center-in-brooklyn-new-york-breaks-ground-1418668908

ehgee

I suppose any new condos there will have a lot of competition until Pacific Park is filled up. And that might take us through the next market cycle.

suppleknuckles

man, this does sort of bum me out. when i lived on dean and washington, on a fine day i would sit on the bench outside woodwork and experience spectacular sunsets over that parking lot. those days are clearly over. i don't live in p heights anymore so i guess i can't be too bummed.

i am a little glad they're condos. i'm sure they'll be insanely expensive when they finally hit the market, but it does seem like pickings are really slim for people looking to buy in this part of brooklyn these days.

whynot_31

Construction on the rest of the Pacific Park is now beginning:

http://therealdeal.com/blog/2015/02/19/forest-city-moves-to-build-23-story-resi-building-at-pacific-park/

psbklyn

I hope the new inhabitants will have the good sense not to have cars!  I've lived in Cobble Hill (12 years) and Prospect Heights (5 years), and I think the construction that's been already been done has changed this general area of Brooklyn into something that's more Manhattan-like.  I'm not sure it's necessarily benefited all of the businesses in the area, either -- Marco's closed, despite a rave review in the NYT -- and there are other vacant spots on Flatbush and Vandy.  

I'm sure it seems cool for new young people with money moving in, but the area has already grown very congested and that's going to really ramp up with two new apt complexes on Dean St between Flatbush and Vanderbilt).  

People who prefer a sleepier Brooklyn now need to go quite a bit south. There don't seem to be many areas to throw up large apt complexes in South Brooklyn/Windsor Terrace/Park Slope, thankfully.  I think that's a good thing.  I'm on my way out of Brooklyn, which I feel sad about, but the areas I've loved no longer hold the appeal they did 10-20 years ago. 

ehgee

I hope the new inhabitants will have the good sense not to have cars!  I've lived in Cobble Hill (12 years) and Prospect Heights (5 years), and I think the construction that's been already been done has changed this general area of Brooklyn into something that's more Manhattan-like.  I'm not sure it's necessarily benefited all of the businesses in the area, either -- Marco's closed, despite a rave review in the NYT -- and there are other vacant spots on Flatbush and Vandy.  

I'm sure it seems cool for new young people with money moving in, but the area has already grown very congested and that's going to really ramp up with two new apt complexes on Dean St between Flatbush and Vanderbilt).  

People who prefer a sleepier Brooklyn now need to go quite a bit south. There don't seem to be many areas to throw up large apt complexes in South Brooklyn/Windsor Terrace/Park Slope, thankfully.  I think that's a good thing.  I'm on my way out of Brooklyn, which I feel sad about, but the areas I've loved no longer hold the appeal they did 10-20 years ago. 

The issue is that practically everyone wants a quiet safe neighborhood just outside the main center of activity. If the law is used to keep such a neighborhood intact at its current scale, it becomes astronomically expensive, as we've seen with Greenwich Village/Park Slope/Cobble Hill/etc. Especially when a million people have moved here over the past 20 years or so, and they generally want to live along the subway rather than at the far fringes of the city.

There is, in fact, plenty of room to throw up large apartment complexes in South Brooklyn. The lots of small woodframe houses in South Slope would be a natural spot, but it's mostly illegal under zoning laws. Instead such houses are becoming astronomically expensive, despite being built as humble workingman's housing.

psbklyn

I don't disagree with you, ehgee.  As I said, clearly there are people who think the changes to these areas are great and find the 10-20 floor apt complexes awesome.  I don't happen to, although I get their appeal for newcomers.  I suppose you're right that they're keeping prices down, although not at reasonable levels at over $2k for a 1BR.

I'm just glad there a still charming and quiet pockets in Brooklyn Heights, Carroll Gardens, Ft. Greene, Park Slope, etc.  I'm not willing to spend the money for the abbreviated space I can afford in these areas, but I still really enjoy walking around in them.

whynot_31

550 Vanderbilt has a teaser site up, presumably because it expects to be able to sell some units before the building is complete.

http://news.buzzbuzzhome.com/2015/02/550-vanderbilt-pacific-park.html

ehgee

http://550vanderbilt.com/cn/

something something target market something something

That said, hopefully having these flooding into the market will pull down pricing on the Clinton Hill Coops.

whynot_31

The complex is now owned by Chinese investors, so I now wonder if that version of the site is for those investors.

From my understanding many of the investors will be benefitting from a program that rewards them with US citizenship.

https://www.google.com/search?hl=en&source=hp&q=chinese+investment+in+us+for+citizenship&gbv=2&oq=chinese+investment+US+citizen&gs_l=heirloom-hp.1.0.0i8i30.1172.8160.0.10953.29.22.0.7.7.0.452.2087.19j2j4-1.22.0.msedr...0...1ac.1.34.heirloom-hp..0.29.2117.xbyQ9uDYAHg

whynot_31

While the text below is interesting, what I find most revealing is that this project is being described in the same breath as these other 12 buildings:

http://m.nydailynews.com/life-style/real-estate/13-hottest-new-nyc-condos-hitting-market-article-1.2186549

"In Brooklyn, a behemoth is coming. Greenland Forest City Partners, a partnership between Barclays Center developer Forest City Ratner and Chinese real estate giant Greenland Holding Group, is slated to launch sales at the first of four expected condo towers comprising its massive Pacific Park project in June.

The 17-story luxury tower, under construction on the northwest corner of Vanderbilt Ave. and Dean St. in Prospect Heights, will have 278 units ranging from studios to four-bedroom homes, priced from $550,000 to $5 million. Buyers won’t be able to move in until late 2016, though, since the building is still under construction.

The property, designed by top architecture giant COOKFOX, will have a landscaped roof terrace, a residents’ lounge, a library, a playroom and a fitness center. It’s slated to overlook a brand new 8-acre park, which is also planned as part of Pacific Park.

Corcoran Sunshine Marketing Group is heading up sales."

suppleknuckles

rode my bike down dean st last weekend and was shocked to see they put up the most imposing wood-painted-green construction fence i've ever seen. it's actually about 2 stories high. sort of creepy to ride next to. 

wouldn't be fun to live in the first two floors of any apartment building across the street

whynot_31

I assume the section of the fence that lines Vanderbilt will be taken down once they complete this building, but I expect the rest of it to be up until at least 2019.

It is going to be weathered and warped by then.

whynot_31

The next building has been approved: 26 stories. 615 Dean

http://therealdeal.com/blog/2015/06/01/pacific-park-is-getting-a-new-26-story-resi-tower/

pheightsresident

I guess this will be in the middle of the block? Good to see progress coming along. 

whynot_31

363,000 BSF.
278 ft tall.

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=1&passjobnumber=320625267&passdocnumber=01

ehgee

Looks like the basement hole has been concreted in.

whynot_31

Here's the latest rendering for the entire site when complete.



Here's the latest succinct description:

http://therealdeal.com/blog/2015/06/01/pacific-park-is-getting-a-new-26-story-resi-tower/

suppleknuckles

ohhhhhhhhhhhh man

crownheightster

Are they going to empty Manhattan to fill these towers? Whoa.