THE CONDO BOOK PROJECT

550 Vanderbilt Condominium

550 Vanderbilt Avenue, Brooklyn, NY 11238

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Overview

A 278-unit CookFox-designed condo at Dean Street and Vanderbilt Avenue, sponsored by Greenland Forest City Partners. It's one of 16 buildings planned for Pacific Park Brooklyn, so owners help pay for an 8-acre public park, and a 421-a abatement keeps early taxes low.

  • Address: 550 Vanderbilt Avenue, Brooklyn (northwest corner of Dean Street)
  • Plan: CD150007, accepted for filing in June 2015
  • Building: 18 floors above a cellar (floors 1 to 16, a penthouse floor and a mechanical level), about 242 feet tall
  • Residences: 278, from studios of about 416 square feet to four-bedroom penthouses of about 2,969 square feet, including some duplexes and a few homes with terraces
  • Other units: three ground-floor retail units (not offered for sale) and a resident manager's apartment (unit 101)
  • Storage and parking: 102 cellar storage bins of about 25 to 60 square feet, sold as licenses, and room for about 154 bikes. No parking in the building.
  • First offering: 278 residences at $388.57 million in total, from studios in the $500,000s to $7.715 million for penthouse PHS, which has a terrace of about 2,440 square feet (sponsor offering prices, not sales). Storage licenses added about $3 million.

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FigureThis building1The Brooklyn Grove2184 units · 0.9 miaccepted 2018Six Ten Warren331 units · 0.7 miaccepted 2016
Common ChargesPer Square Foot / Month$1.25Highest$0.96$0.62
Average Offering PricePer Apartment$1.4MIn line$1.06M$1.51M
Average PricePer Square Foot$1,487Above peers$1,398$1,300
Property TaxesPer Square Foot / Month$0.37In line$1.09$0.10
Average Unit SizeSquare Feet940 SFIn line756 SF1,162 SF

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Unit mix, closings, budgets, finishes and the team, against The Brooklyn Grove and Six Ten Warren, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Brooklyn plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Closings Pro

Homes closed100% of the homes in Schedule A278 of 278
Closing prices vs. Schedule A205 homes: $221,830,061 at closing against $226,090,000 in Schedule A (p. 62, p. 63, p. 64, p. 65, p. 66, p. 67)−1.9%
Average closing price205 homes, on their Schedule A square feet$1,385 / SF
Closingsfirst and latest recordedFeb 27, 2017 – Dec 29, 2023

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2026: deeds, or transfer tax filings for a building on leased land, of $10,000 or more. A home's first sale since the plan was filed is the sponsor's closing; resales aren't counted. Closing prices are compared with the same home's Schedule A price, as first offered; a deed covering more than one home isn't compared. Amendments often change prices before a home closes, and a deed that includes parking or storage counts its full price. ACRIS records a sale weeks after closing, so recent contracts don't appear yet. Every building's sales.

All 280 closings
HomeRecordedClosing priceSchedule ADifference
222Feb 27, 2017$987,703$970,000 p. 62+1.8%
228Feb 28, 2017$656,771$645,000 p. 62+1.8%
204Mar 10, 2017$928,640$940,000 p. 62−1.2%
406Mar 13, 2017$960,000$970,000 p. 63−1%
625Mar 15, 2017$1,881,688$1,925,000 p. 64−2.2%
516Mar 22, 2017$580,000$580,000 p. 630%
319Mar 24, 2017$878,620$875,000 p. 62+0.4%
322Mar 30, 2017$697,501$685,000 p. 62+1.8%
410Mar 31, 2017$999,100$1,030,000 p. 63−3%
415Mar 31, 2017$980,000$980,000 p. 630%
422Apr 3, 2017$715,000$695,000 p. 63+2.9%
327Apr 4, 2017$885,878$870,000 p. 63+1.8%
427Apr 4, 2017$901,151$885,000 p. 63+1.8%
429Apr 4, 2017$896,060$880,000 p. 63+1.8%
409Apr 5, 2017$965,000$965,000 p. 630%
203Apr 12, 2017$821,590$830,000 p. 62−1%
630Apr 17, 2017$2,204,511$2,165,000 p. 64+1.8%
207Apr 18, 2017$857,367$825,000 p. 62+3.9%
310Apr 19, 2017$1,033,524$1,015,000 p. 62+1.8%
423Apr 19, 2017$951,000$980,000 p. 63−3%
324Apr 20, 2017$999,922$985,000 p. 63+1.5%
425Apr 20, 2017$1,645,000$1,660,000 p. 63−0.9%
209Apr 21, 2017$962,246$945,000 p. 62+1.8%
223Apr 21, 2017$863,300$890,000 p. 62−3%
527Apr 21, 2017$967,338$935,000 p. 64+3.5%
312Apr 24, 2017$580,000$580,000 p. 620%
316Apr 25, 2017$570,000$570,000 p. 620%
419Apr 25, 2017$888,470$885,000 p. 63+0.4%
212Apr 26, 2017$527,850$540,000 p. 62−2.2%
206Apr 27, 2017$893,000$940,000 p. 62−5%
329Apr 27, 2017$885,878$870,000 p. 63+1.8%
421Apr 28, 2017$911,821$920,000 p. 63−0.9%
510May 4, 2017$1,046,400$1,090,000 p. 63−4%
202May 5, 2017$790,000$800,000 p. 62−1.2%
205May 5, 2017$842,000$825,000 p. 62+2.1%
503May 8, 2017$872,000$855,000 p. 63+2%
706May 10, 2017$1,042,360$1,015,000 p. 64+2.7%
610May 12, 2017$1,125,166$1,105,000 p. 64+1.8%
809May 15, 2017$1,040,000$1,040,000 p. 650%
424May 16, 2017$992,750$1,000,000 p. 63−0.7%
307May 18, 2017$830,000$830,000 p. 620%
505May 18, 2017$850,000$850,000 p. 630%
626May 18, 2017$641,498$630,000 p. 64+1.8%
331May 22, 2017$575,311$565,000 p. 63+1.8%
627May 22, 2017$1,400,850$1,385,000 p. 64+1.1%
411May 23, 2017$590,000$590,000 p. 630%
418May 24, 2017$848,430$840,000 p. 63+1%
523May 24, 2017$975,000$995,000 p. 64−2%
703May 24, 2017$876,578$870,000 p. 64+0.8%
725May 24, 2017$1,825,000$1,825,000 p. 650%
311May 25, 2017$585,000$585,000 p. 620%
710May 25, 2017$1,120,000$1,120,000 p. 640%
730May 25, 2017$1,830,000$1,960,000 p. 65−6.6%
219May 26, 2017$575,000$560,000 p. 62+2.7%
519May 30, 2017$907,000$890,000 p. 63+1.9%
607May 30, 2017$835,763$855,000 p. 64−2.2%
302May 31, 2017$829,874$815,000 p. 62+1.8%
321May 31, 2017$891,425$905,000 p. 62−1.5%
326Jun 1, 2017$927,000$955,000 p. 63−2.9%
617Jun 1, 2017$902,000$885,000 p. 64+1.9%
602Jun 2, 2017$861,875$860,000 p. 64+0.2%
609Jun 5, 2017$980,000$980,000 p. 640%
226Jun 6, 2017$893,000$940,000 p. 62−5%
622Jun 8, 2017$763,688$715,000 p. 64+6.8%
722Jun 8, 2017$765,000$725,000 p. 65+5.5%
723Jun 9, 2017$1,089,913$1,115,000 p. 65−2.2%
709Jun 12, 2017$990,000$990,000 p. 640%
711Jun 12, 2017$605,000$605,000 p. 640%
712Jun 12, 2017$600,000$600,000 p. 640%
716Jun 13, 2017$590,000$590,000 p. 640%
717Jun 13, 2017$900,000$890,000 p. 64+1.1%
621Jun 14, 2017$625,000$625,000 p. 640%
720Jun 14, 2017$862,155$865,000 p. 65−0.3%
529Jun 19, 2017$945,750$935,000 p. 64+1.1%
619Jun 19, 2017$889,490$900,000 p. 64−1.2%
715Jun 19, 2017$1,052,450$1,060,000 p. 64−0.7%
807Jun 19, 2017$905,000$905,000 p. 650%
816Jun 19, 2017$595,000$595,000 p. 650%
719Jun 20, 2017$927,000$910,000 p. 65+1.9%
215Jun 21, 2017$600,000$600,000 p. 620%
220Jun 21, 2017$575,000$575,000 p. 620%
616Jun 21, 2017$585,000$585,000 p. 640%
805Jun 21, 2017$905,000$905,000 p. 650%
705Jun 22, 2017$865,000$865,000 p. 640%
707Jun 23, 2017$845,538$865,000 p. 64−2.2%
512Jun 27, 2017$590,000$590,000 p. 630%
526Jun 29, 2017$940,000$985,000 p. 64−4.6%
216Jun 30, 2017$537,625$550,000 p. 62−2.2%
402Jun 30, 2017$814,576$830,000 p. 63−1.9%
403Jun 30, 2017$867,000$850,000 p. 63+2%
210Jul 10, 2017$980,000$1,000,000 p. 62−2%
506Jul 18, 2017$999,922$985,000 p. 63+1.5%
507Jul 19, 2017$850,000$850,000 p. 630%
721Jul 19, 2017$650,000$635,000 p. 65+2.4%
511Jul 20, 2017$595,000$595,000 p. 630%
603Jul 20, 2017$872,180$865,000 p. 64+0.8%
820Jul 20, 2017$887,000$870,000 p. 65+2%
903Jul 20, 2017$1,458,750$1,445,000 p. 65+1%
803Jul 21, 2017$888,030$880,000 p. 65+0.9%
901Jul 21, 2017$2,321,610$2,280,000 p. 65+1.8%
426Jul 26, 2017$955,450$970,000 p. 63−1.5%
318Jul 28, 2017$830,000$830,000 p. 620%
520Jul 28, 2017$867,000$850,000 p. 64+2%
211Jul 31, 2017$590,000$575,000 p. 62+2.6%
915Aug 1, 2017$1,910,000$1,970,000 p. 65−3%
1220Aug 1, 2017$935,500$940,000 p. 66−0.5%
1003Aug 3, 2017$1,490,000$1,460,000 p. 65+2.1%
504Aug 4, 2017$978,000$985,000 p. 63−0.7%
303Aug 7, 2017$857,000$840,000 p. 62+2%
320Aug 7, 2017$830,000$830,000 p. 620%
309Aug 8, 2017$955,000$955,000 p. 620%
611Aug 10, 2017$600,000$600,000 p. 640%
517Aug 14, 2017$892,000$875,000 p. 63+1.9%
305Aug 15, 2017$847,000$830,000 p. 62+2%
909Aug 15, 2017$2,163,150$2,185,000 p. 65−1%
509Aug 16, 2017$975,000$975,000 p. 630%
918Aug 17, 2017$890,000$915,000 p. 65−2.7%
315Aug 18, 2017$940,875$965,000 p. 62−2.5%
615Aug 18, 2017$1,007,000$1,045,000 p. 64−3.6%
818Aug 18, 2017$870,000$870,000 p. 650%
404Aug 21, 2017$918,000$970,000 p. 63−5.4%
817Aug 22, 2017$936,790$920,000 p. 65+1.8%
916Aug 23, 2017$600,000$600,000 p. 650%
1009Aug 24, 2017$1,993,000$2,095,000 p. 65−4.9%
1109Aug 24, 2017$2,168,100$2,190,000 p. 65−1%
515Aug 25, 2017$1,019,475$1,035,000 p. 63−1.5%
802Aug 25, 2017$889,225$890,000 p. 65−0.1%
604Aug 29, 2017$982,000$1,000,000 p. 64−1.8%
1117Aug 29, 2017$999,775$1,000,000 p. 66−0%
1518Aug 29, 2017$967,270$965,000 p. 66+0.2%
518Aug 31, 2017$850,000$850,000 p. 630%
620Aug 31, 2017$872,000$855,000 p. 64+2%
1318Aug 31, 2017$957,330$950,000 p. 66+0.8%
323Sep 1, 2017$916,750$965,000 p. 62−5%
718Sep 1, 2017$865,000$865,000 p. 650%
624Sep 15, 2017$1,030,000$1,030,000 p. 640%
412Sep 20, 2017$610,950$585,000 p. 63+4.4%
1603Sep 20, 2017$1,551,375$1,540,000 p. 67+0.7%
618Sep 26, 2017$855,000$855,000 p. 640%
810Sep 26, 2017$1,147,200$1,175,000 p. 65−2.4%
1118Sep 27, 2017$930,000$930,000 p. 660%
1116Sep 29, 2017$610,000$610,000 p. 660%
804Oct 2, 2017$1,043,706$1,030,000 p. 65+1.3%
1209Oct 12, 2017$2,165,800$2,210,000 p. 66−2%
1219Oct 12, 2017$2,902,013$2,915,000 p. 66−0.4%
1303Oct 16, 2017$1,500,000$1,500,000 p. 660%
605Oct 18, 2017$855,000$855,000 p. 640%
1103Oct 20, 2017$1,495,000$1,470,000 p. 65+1.7%
702Oct 25, 2017$860,000$875,000 p. 64−1.7%
612Oct 26, 2017$595,000$595,000 p. 640%
416Oct 27, 2017$600,768$575,000 p. 63+4.5%
431Oct 27, 2017$585,494$575,000 p. 63+1.8%
1618Oct 27, 2017$982,080$975,000 p. 67+0.7%
606Oct 30, 2017$989,950$1,000,000 p. 64−1%
724Oct 30, 2017$1,027,000$1,030,000 p. 65−0.3%
1420Oct 30, 2017$972,000$955,000 p. 66+1.8%
1016Nov 6, 2017$591,388$605,000 p. 65−2.2%
1418Nov 6, 2017$942,840$955,000 p. 66−1.3%
304Nov 9, 2017$916,800$955,000 p. 62−4%
1620Nov 9, 2017$977,120$975,000 p. 67+0.2%
920Nov 10, 2017$2,825,000$2,890,000 p. 65−2.2%
1320Nov 10, 2017$957,330$950,000 p. 66+0.8%
815Nov 16, 2017$1,500,000$1,605,000 p. 65−6.5%
1416Nov 20, 2017$670,000$760,000 p. 66−11.8%
420Nov 21, 2017$857,000$840,000 p. 63+2%
1317Nov 22, 2017$1,540,000$1,655,000 p. 66−6.9%
1218Dec 4, 2017$935,468$940,000 p. 66−0.5%
317Dec 8, 2017$877,000$860,000 p. 62+2%
623Dec 11, 2017$1,094,800$1,100,000 p. 64−0.5%
531Dec 12, 2017$591,388$605,000 p. 64−2.2%
521Dec 13, 2017$955,450$970,000 p. 64−1.5%
1216Dec 20, 2017$620,000$620,000 p. 660%
917Dec 21, 2017$4,227,000$4,460,000 p. 65−5.2%
1316Dec 28, 2017$665,000$650,000 p. 66+2.3%
727Jan 4, 2018$1,395,000$1,395,000 p. 650%
405Jan 16, 2018$857,000$840,000 p. 63+2%
822Jan 18, 2018$1,001,000$1,025,000 p. 65−2.3%
1503Jan 19, 2018$1,525,000$1,525,000 p. 660%
208Feb 6, 2018$1,934,675$1,960,000 p. 62−1.3%
330Feb 15, 2018$1,700,000$1,780,000 p. 63−4.5%
524Feb 15, 2018$1,013,510$1,015,000 p. 64−0.1%
908Feb 15, 2018$2,277,078$2,560,000 p. 65−11.1%
808Feb 16, 2018$1,950,000$2,155,000 p. 65−9.5%
806Feb 22, 2018$994,000$1,030,000 p. 65−3.5%
819Feb 28, 2018$3,900,000$4,150,000 p. 65−6%
417Mar 1, 2018$860,000$865,000 p. 63−0.6%
1309Mar 2, 2018$2,150,000$2,350,000 p. 66−8.5%
1516Mar 26, 2018$680,000$770,000 p. 66−11.7%
502Mar 29, 2018$809,950$845,000 p. 63−4.1%
811Apr 18, 2018$1,088,566$1,155,000 p. 65−5.8%
1108Apr 20, 2018$2,203,927$2,415,000 p. 65−8.7%
1020Apr 26, 2018$2,620,000$2,705,000 p. 65−3.1%
1415May 17, 2018$1,555,092$1,745,000 p. 66−10.9%
1115May 29, 2018$1,535,229$1,685,000 p. 66−8.9%
M3May 30, 2018$3,467,000——
1101May 31, 2018$1,861,244$2,100,000 p. 65−11.4%
522Jun 1, 2018$710,000$705,000 p. 64+0.7%
1417Jun 6, 2018$1,460,768$1,675,000 p. 66−12.8%
1215Jun 7, 2018$1,535,182$1,705,000 p. 66−10%
430Jun 8, 2018$1,702,738$1,800,000 p. 63−5.4%
1515Jun 15, 2018$1,570,000$1,785,000 p. 66−12%
407Jun 19, 2018$857,000$840,000 p. 63+2%
1010Jun 19, 2018$1,450,000$1,665,000 p. 65−12.9%
101Jun 27, 2018$119,670,000one deed, 78 homes$1,495,000 p. 62—
201Jun 27, 2018$119,670,000one deed, 78 homes$2,110,000 p. 62—
225Jun 27, 2018$119,670,000one deed, 78 homes$1,860,000 p. 62—
301Jun 27, 2018$119,670,000one deed, 78 homes$2,130,000 p. 62—
306Jun 27, 2018$119,670,000one deed, 78 homes$955,000 p. 62—
308Jun 27, 2018$119,670,000one deed, 78 homes$1,980,000 p. 62—
325Jun 27, 2018$119,670,000one deed, 78 homes$1,645,000 p. 63—
328Jun 27, 2018$119,670,000one deed, 78 homes$1,615,000 p. 63—
401Jun 27, 2018$119,670,000one deed, 78 homes$2,150,000 p. 63—
408Jun 27, 2018$119,670,000one deed, 78 homes$2,000,000 p. 63—
428Jun 27, 2018$119,670,000one deed, 78 homes$1,635,000 p. 63—
501Jun 27, 2018$119,670,000one deed, 78 homes$2,170,000 p. 63—
508Jun 27, 2018$119,670,000one deed, 78 homes$2,020,000 p. 63—
525Jun 27, 2018$119,670,000one deed, 78 homes$1,675,000 p. 64—
528Jun 27, 2018$119,670,000one deed, 78 homes$1,655,000 p. 64—
530Jun 27, 2018$119,670,000one deed, 78 homes$1,815,000 p. 64—
601Jun 27, 2018$119,670,000one deed, 78 homes$2,190,000 p. 64—
608Jun 27, 2018$119,670,000one deed, 78 homes$2,040,000 p. 64—
628Jun 27, 2018$119,670,000one deed, 78 homes$3,900,000 p. 64—
701Jun 27, 2018$119,670,000one deed, 78 homes$2,210,000 p. 64—
708Jun 27, 2018$119,670,000one deed, 78 homes$2,060,000 p. 64—
801Jun 27, 2018$119,670,000one deed, 78 homes$2,305,000 p. 65—
902Jun 27, 2018$119,670,000one deed, 78 homes$1,830,000 p. 65—
910Jun 27, 2018$119,670,000one deed, 78 homes$1,900,000 p. 65—
1001Jun 27, 2018$119,670,000one deed, 78 homes$2,075,000 p. 65—
1002Jun 27, 2018$119,670,000one deed, 78 homes$1,720,000 p. 65—
1008Jun 27, 2018$119,670,000one deed, 78 homes$2,395,000 p. 65—
1015Jun 27, 2018$119,670,000one deed, 78 homes$1,835,000 p. 65—
1018Jun 27, 2018$119,670,000one deed, 78 homes$925,000 p. 65—
1102Jun 27, 2018$119,670,000one deed, 78 homes$1,740,000 p. 65—
1110Jun 27, 2018$119,670,000one deed, 78 homes$1,685,000 p. 66—
1120Jun 27, 2018$119,670,000one deed, 78 homes$930,000 p. 66—
1201Jun 27, 2018$119,670,000one deed, 78 homes$2,120,000 p. 66—
1202Jun 27, 2018$119,670,000one deed, 78 homes$1,760,000 p. 66—
1208Jun 27, 2018$119,670,000one deed, 78 homes$2,435,000 p. 66—
1210Jun 27, 2018$119,670,000one deed, 78 homes$1,705,000 p. 66—
1217Jun 27, 2018$119,670,000one deed, 78 homes$1,015,000 p. 66—
1301Jun 27, 2018$119,670,000one deed, 78 homes$2,140,000 p. 66—
1302Jun 27, 2018$119,670,000one deed, 78 homes$1,840,000 p. 66—
1308Jun 27, 2018$119,670,000one deed, 78 homes$2,455,000 p. 66—
1310Jun 27, 2018$119,670,000one deed, 78 homes$1,725,000 p. 66—
1315Jun 27, 2018$119,670,000one deed, 78 homes$1,725,000 p. 66—
1319Jun 27, 2018$119,670,000one deed, 78 homes$2,605,000 p. 66—
1401Jun 27, 2018$119,670,000one deed, 78 homes$2,160,000 p. 66—
1402Jun 27, 2018$119,670,000one deed, 78 homes$1,860,000 p. 66—
1403Jun 27, 2018$119,670,000one deed, 78 homes$1,510,000 p. 66—
1408Jun 27, 2018$119,670,000one deed, 78 homes$2,475,000 p. 66—
1409Jun 27, 2018$119,670,000one deed, 78 homes$2,370,000 p. 66—
1410Jun 27, 2018$119,670,000one deed, 78 homes$1,745,000 p. 66—
1419Jun 27, 2018$119,670,000one deed, 78 homes$2,625,000 p. 66—
1501Jun 27, 2018$119,670,000one deed, 78 homes$2,180,000 p. 66—
1502Jun 27, 2018$119,670,000one deed, 78 homes$1,880,000 p. 66—
1508Jun 27, 2018$119,670,000one deed, 78 homes$2,495,000 p. 66—
1509Jun 27, 2018$119,670,000one deed, 78 homes$2,390,000 p. 66—
1510Jun 27, 2018$119,670,000one deed, 78 homes$1,765,000 p. 66—
1519Jun 27, 2018$119,670,000one deed, 78 homes$2,645,000 p. 66—
1520Jun 27, 2018$119,670,000one deed, 78 homes$965,000 p. 67—
1601Jun 27, 2018$119,670,000one deed, 78 homes$2,330,000 p. 67—
1602Jun 27, 2018$119,670,000one deed, 78 homes$2,020,000 p. 67—
1608Jun 27, 2018$119,670,000one deed, 78 homes$2,590,000 p. 67—
1609Jun 27, 2018$119,670,000one deed, 78 homes$2,410,000 p. 67—
1610Jun 27, 2018$119,670,000one deed, 78 homes$1,785,000 p. 67—
1615Jun 27, 2018$119,670,000one deed, 78 homes$1,785,000 p. 67—
1616Jun 27, 2018$119,670,000one deed, 78 homes$780,000 p. 67—
1617Jun 27, 2018$119,670,000one deed, 78 homes$1,715,000 p. 67—
1619Jun 27, 2018$119,670,000one deed, 78 homes$2,665,000 p. 67—
M1Jun 27, 2018$119,670,000one deed, 78 homes——
M2Jun 27, 2018$119,670,000one deed, 78 homes——
PHEJun 27, 2018$119,670,000one deed, 78 homes$5,805,000 p. 67—
PHSJun 27, 2018$119,670,000one deed, 78 homes$7,715,000 p. 67—
PHWJun 27, 2018$119,670,000one deed, 78 homes$6,860,000 p. 67—
1119Jul 30, 2018$2,800,000$2,890,000 p. 66−3.1%
1203Oct 29, 2018$1,437,889$1,485,000 p. 66−3.2%
1517Nov 1, 2018$1,515,722$1,695,000 p. 66−10.6%
RETADec 29, 2023$5,800,000——
RETBDec 29, 2023$5,800,000——
RETCDec 29, 2023$5,800,000——

Pro

Closings are for subscribers

Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

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Budget

What It Costs to Run

The sponsor projected a first-year budget (calendar 2017) of about $3.96 million. Residences carry about 97% of it, the retail units about $34,000, and storage license fees bring in about $20,000. Here's how that works out in monthly common charges, per Schedule A:

  • About $500 to $650 a month for studios.
  • About $765 to $1,030 for one-bedrooms.
  • About $3,600 to $4,920 for the three penthouses.

Projected taxes with 421-a are tiny for small homes in year one, under $25 a month for a studio, and about $3,970 a month for penthouse PHS. Without the exemption, a 414-square-foot studio would pay about $496 a month.

Notable lines:

  • Staff: about $1.43 million.
  • Utilities: about $498,000 for common electricity, $359,000 for water and sewer and $246,000 for gas.
  • Service contracts: $366,000, including $80,000 for window washing and $48,000 for elevators.
  • Park maintenance: $175,000 toward the Pacific Park conservancy.
  • Management fee: $195,000 to FirstService Residential, not a sponsor affiliate, rising 4% a year. Either side can cancel on 60 days' notice.

Good to know: the budget sets aside $183,795 in a replacement reserve, and you pay two months of common charges into working capital at closing. You also chip in toward the resident manager's apartment, and the board is expected to borrow the rest, about $972,000, so that loan's payments, about $5,000 a month, are in common charges. For context, see condo reserve funds, 421-a in NYC condos and our common charge benchmarks.

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

The Building

Finishes

Kitchens come in four packages by apartment size (compare with our NYC condo finishes guide).

Kitchen

  • Miele throughout: refrigerators, gas cooktops (24 or 36 inches), hoods, ovens and microwaves. The largest homes get a separate Miele freezer column, a double oven, a microwave drawer and a U-Line wine cooler.
  • Miele dishwashers, except Bosch in the smallest kitchens.
  • Veneer wood and custom lacquered cabinets with Carrara marble countertops and backsplash.
  • Julien sinks, Grohe faucets and InSinkErator disposals.

Baths

  • Toto Drake II toilets, DXV Webster undermount sinks, Kohler tubs and Grohe thermostatic fittings, with Infinity Drain shower drains in primary baths.
  • Five-fixture primary baths have Carrara penny-round mosaic floors and a Carrara vanity top and tub surround. Primary baths in duplexes and penthouses add electric radiant floor heat.
  • Secondary baths use porcelain tile and a Duravit sink. Powder rooms get a Neo Metro sink and a Venetian plaster wall.

See how these names rank in our bathroom brands guide.

Floors, Ceilings and Windows

  • Half-inch FSC-certified engineered wood floors.
  • Ceilings of at least 10 feet in living rooms and bedrooms, and about 8 feet where ceilings are dropped in kitchens, baths and halls.
  • Custom aluminum windows with Okawood sunshading inserts in a brick-clad precast concrete facade. The plan rates the wall and windows at OITC 31 for street noise.

Laundry, Heating and Cooling

  • A washer and dryer in every home: large-capacity, vented LG machines in two-bedrooms and up, and compact ventless Bosch sets in studios and one-bedrooms.
  • Climate Master heat pumps hidden above closets or baths, on a building water loop heated by four gas boilers and cooled by two rooftop cooling towers.
  • Electricity is metered to each unit by Con Edison. Gas for cooking, heat and hot water is paid through common charges.

Amenities, Staffing & Transportation

The amenity package is modest for 278 homes and has no pool (compare with amenities by building size).

Ground Floor and Cellar

  • A multi-purpose lounge and conference area with a kitchen and gas fireplace, plus a library.
  • A fitness center with two studios, weights and cardio equipment.
  • A pet grooming space and a laundry room with five washers and five dryers, run by an outside vendor on a pay-per-use basis.
  • A bike room for about 154 bikes, which may carry a monthly fee.

8th Floor

  • A landscaped roof deck with gas grills, for passive recreation. Other roofs are green-roof gardens to look at, not use.

Good to know: the fitness center, laundry room, pet space, lounge, library and roof deck may not open until 18 months after the first closing. Only six private terraces (619, 917, 918 and the three penthouses) get gas lines, and they're the only terraces where grills are allowed.

Staffing and Services

The year-one budget plans a staff of 15:

  • A resident manager, who lives in unit 101.
  • Two handymen and six porters.
  • Six doormen/concierges, with the lobby staffed 24 hours a day.

Wages and benefits come to about $1.43 million, about 36% of the budget, including $1,400 a month per employee for health coverage. An outside amenity operator adds $50,000. Three passenger elevators serve every floor, with a fourth for moves and deliveries. Our doorman cost guide puts these numbers in context.

Transportation

  • Subway: 6 min walk to Clinton-Washington Avs C; Bergen St 2 3, 8 min

Fine Print

What's Specific to It

  • Part of Pacific Park Brooklyn: the condo is a member of an owners association that funds the park. Year one budgets $175,000 for it, and the plan warns the share can change "in some cases in substantial amounts."
  • A 421-a tax break with a cap: taxes are 100% exempt on the new value for 11 years, then phase in over four more. A per-unit cap means large homes get relatively less of the break.
  • A public easement around the building: the park conservancy, and possibly the public, gets a permanent easement over a 20-foot strip around the building.
  • A union, prevailing-wage staff: 421-a requires prevailing wages, and the plan expects all employees to join Local 32BJ.
  • A big liability insurance requirement: each owner must carry at least $1 million per occurrence plus a $4 million umbrella policy.
  • Parking next door, maybe: a cellar passage is planned to lead to a future valet garage on a neighboring parcel, with no promise on rates, spaces or opening date.

550 Vanderbilt Avenue sits where Prospect Heights, Park Slope, Clinton Hill, Boerum Hill and Fort Greene meet, near the Barclays Center and about seven blocks north of Prospect Park. Its offering plan tells you what's in the apartments, what the park costs and what it should cost to carry.

Fine Print Worth Knowing

  • Park costs can rise: the park opens in phases, with Pacific Park planned to finish by 2025. Each new phase adds costs, and each new building adds members to share them, so the condo's share will move until everything is built.
  • Years of construction next door: work on neighboring parcels is expected to continue until Pacific Park is complete, and the sponsor makes no promise about which phases will be done when you close.
  • 421-a isn't guaranteed: if HPD doesn't approve it, you pay full taxes with no refund or credit. Benefits also depend on project-wide affordable housing being certified across Pacific Park.
  • Sponsor control: the sponsor only has to sell 42 homes and controls the board until 90% are sold, so owner-occupants may never take control. It can also use the common areas for sales events until the 15th anniversary of the first closing.
  • Storage bins are licenses: you pay a fee of 50 cents per square foot a month, and when you sell your apartment you must pass the license to another owner, or the board can take the bin back without paying you. (The plan counts 102 bins in some places and 100 in others.)
  • Tubs swapped for closets: in a long list of units, including many in the 01, 08 and 10 lines, a planned layout update replaces the primary-bath tub with a closet; a few other units swap the tub for a shower.
  • Deposits and delays: buyers pay 10% at signing and another 5% within six months at the latest. Missing your closing date costs 0.04% of the price per day.

Team

  • Sponsor: Pacific Park 550 Vanderbilt, LLC, owned by Atlantic Yards Venture LLC (Greenland Forest City Partners), a venture of Greenland Holding Group and Forest City Ratner Companies affiliates; principals Hu Gang and David L. Berliner
  • Architect: CookFox Architects
  • Mechanical and electrical engineer: Cosentini Associates
  • Structural engineer: WSP Building Structures
  • Managing agent and budget expert: FirstService Residential New York
  • Selling agent: Corcoran Sunshine Marketing Group
  • Sponsor's counsel: Kramer Levin Naftalis & Frankel
  • Tax and 421-a consultant: Tuchman, Korngold, Weiss, Liebman & Gelles
  • Construction lender: HSBC Bank USA, as agent (anticipated in the plan)

The plan doesn't name an interior designer.

Nearby

FAQ

Does 550 Vanderbilt Avenue have a pool?

No, the architect's description lists no swimming pool. Amenities are a fitness center with two studios, a lounge with a kitchen and fireplace, a library, a pet grooming space, a laundry room and an 8th-floor roof deck with gas grills.

Does the building get a tax abatement?

The sponsor planned to apply for a 15-year 421-a exemption: 100% of the new value is exempt for 11 years, then 80%, 60%, 40% and 20%, with full taxes from year 16. A per-unit cap limits the break for larger homes, and the plan doesn't guarantee approval.

What does the Pacific Park connection cost owners?

The condo is a member of the Pacific Park Owners Association, which funds the park conservancy. The first-year budget puts the condo's share at $175,000, and the plan says it can rise or fall, sometimes substantially, as park phases and new buildings are added.

Where this comes from: the building's offering plan (CD150007) as filed with the New York Attorney General, including its Special Risks, Introduction, Description of the Property and Improvements, the architect's Description of Property and Building Condition, Schedule A and its notes, Schedule B, Working Capital Fund, Management Agreement and Identity of Parties. Prices are the sponsor's offering prices, not sales, and budget figures are the sponsor's first-year projections. Later amendments may change them. Updated October 2026.