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

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. 

Lottery for the affordable units at 535 Carlton now open.

 http://affordable.535carlton.com

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

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

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

 http://550vanderbilt.com/availability/

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/

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

Also, this building is not close to trains.

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

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. 

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?

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

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.    

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

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.

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

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.

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

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

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

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

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 

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.

So, just the investors in Greenland Holdings are eligible?

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

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). 

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/