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

foolio · August 2016

pacific park: where exclusively rich white people live

nice that they shot in the neighborhood but they could have at least *tried* to put people of color in it.

whynot_31 · August 2016

Lottery for the affordable units at 535 Carlton now open.

http://affordable.535carlton.com

howncreights · September 2016

@foolio, wow. That is pretty astonishing. Maybe it is secretly a Trump building...

whynot_31 · October 2016

On Sunday, there will be open houses at 550 Vanderbilt. ...might be the only time I ever get to visit.

http://streeteasy.com/building/550-vanderbilt-brooklyn

whynot_31 · March 2017

Not many units remain unsold at this point, and they are stating "immediate occupancy"

http://550vanderbilt.com/availability/

foolio · March 2017

this article indicates that they still had over 100 units available at 550 vanderbilt (as of 6 weeks ago) and sales have been slowing down. now that they've decided theyre not going to build the other towers on that block, i wonder if they will still build out the planned public park there. that was the only silver lining to that whole monster project

https://therealdeal.com/2017/02/27/sales-at-forest-city-greenlands-550-vanderbilt-slow-down/

whynot_31 · March 2017

I have read of an overall slowdown in the luxury condo market.

Also, this building is not close to trains.

crownheightster · March 2017

And they don't have their beautiful Pacific Park yet.

Vanderbilly · March 2017

And those who bought one bedrooms to rent out, just from a model they viewed in a showroom in Hong Kong will have to ask $4000/month rent to cover their monthlies.

whynot_31 · March 2017

I wonder how much of a factor Trump plays.

IE Part of the appeal of these apartments are that they make the buyer eligible for citizenship.

Has the perceived value of citizenship been decreased as a result of Trump's proposed spending cuts, and general persona?

whynot_31 · March 2017

Perhaps a bigger piece of the puzzle than Trump: https://therealdeal.com/2017/03/27/the-death-of-the-all-cash-chinese-buyer/

Vanderbilly · March 2017

Fascinating. I believe it (that there's a possible connection btwn stricter rules just placed on chinese buyers and the slowdown of sales at 550)

Real Estate prices are bonkers everywhere, but I've always felt that this building's prices are particularly out of whack for it's distance from trains, stores or a pretty block. It gives me the sense of investors buying into the idea of brooklyn without fully vetting the details.

Marco555 · March 2017

"Without fully vetting the details" plus not concerned with practical living features because they don't plan to live there.

whynot_31 · March 2017

The buyers likely are concerned with obtaining US Citizenship and resale value.

They have to own it for some period of time before it counts toward citizenship.

Marco555 · March 2017

Also not trusting their own banks and so looking West for a relatively secure asset to store their cash

whynot_31 · March 2017

I wonder how much a developer has to "tip" the state department in order to have purchases of their properties count toward visas and citizenship.

How do the tips ultimately get to the entities who bless the properties?

Likely to be a very specialized field of practice.

ltjbukem · March 2017

acris has 550 vanderbilt buyers. they're actually chinese, from china!

http://ltjbukem.blogspot.com/2017/03/pacific-park-as-advertised-many-asian.html

Vanderbilly · March 2017

A list of names and home cities of the buyers! This is going to be so fun to check back in on

whynot_31 · March 2017

When it is all over, I suspect we will be able to conclude that targeted marketing and incentives work.

whynot_31 · April 2017

Note, here's how desperate some Chinese investors are to participate in the program:

https://therealdeal.com/la/2017/04/10/your-only-opportunity-to-get-rich-in-america-inside-las-deceptively-simple-50m-eb-5-scam/

...some are doing far worse than those investing in this building

arches · April 2017

I don't think anyone can qualify for EB-5 by purchasing an apartment in this building. The EB-5 investor group came earlier in the project by putting up (part of) the capital for its construction. That's not the same as buying an apartment.

whynot_31 · April 2017

So, just the investors in Greenland Holdings are eligible?

https://en.wikipedia.org/wiki/Greenland_Holdings

arches · April 2017

No, i think most of the eb-5 funds were raised by Forest City Ratner before Greenland got involved (which seems to be end of 2013).

whynot_31 · January 2018

Greenland to now own 95% of the project. https://nypost.com/2018/01/14/bruce-ratner-to-sell-all-but-5-percent-of-his-firms-share-of-pacific-park/

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

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