Sales at Forest City-Greenland s 550 Vanderbilt slow down
Cleveland-based REIT had a turbulent 2016
New York /
Sales at Forest City Ratner and Greenland Group’s Prospect Heights condominium development 550 Vanderbilt have slowed considerably in recent months, which developers attributed to a weakening condo market.
The joint-venture partners have sold 167 units as of late January, Forest City executives said during an earnings call Monday morning meaning they sold 27 units in the seven months between June and January. They had sold 140 units during the first 12 months of sales, between June 2015 and June 2016.
“Pricing is within our our pro-forma range, although the pace is modestly slower than initially anticipated,” said Robert O’Brien, CFO of Forest City Realty Trust, the parent company of Forest City Ratner . According to O Brien, 110 apartments in the 278-unit building remain available.
Despite Forest City s assessment, appraiser Jonathan Miller of Miller Samuel told The Real Deal that the Brooklyn condo market doesn t seem to be slowing down. In fact I ve had a number of people tell me that because of all the emphasis on rentals there is a shortage of condos. Slowing sales at 550 Vanderbilt could boil down to high asking prices, he speculated.
StreetEasy data shows that sales have remained brisk in recent months at competing condos the Oost[……]