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. The offering plan specifies engineered wood floors, marble kitchen countertops, Miele appliances, a washer and dryer in each apartment, Grohe bathroom fittings and ducted heat pumps for heating and cooling.

  • 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.
  1. SubmittedJuly 2015
  2. AcceptedJune 2015
  3. 20 amendments
  4. First sale
  5. Latest sale

Sales

278 of 278homes sold (100%)
Every sale: 280 homes, with price and dateSee it free →

From city records (ACRIS), through Sep 30, 2026.

First-Year Budget

From our research: NYC Co-op and Condo Tax Abatement: Is It Worth Paying Prevailing Wage? (Board Calculator)

Ask Claude or ChatGPT: How do 550 Vanderbilt's common charges compare with similar buildings? →

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills.

Each home's estimate, city bills and tax breaksSee it free →

Closing Costs

The plan lists what a buyer pays at closing.

All 4 closing costs in the plan, with their pagesSee it free →

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
Amenities, Staffing & TransportationSee it free →

Amendments

Amendment 20 Aug 19, 2022

This amendment extends the offering period by 12 months and updates Schedule A with current common charges and real estate taxes, Schedule B budget for 2022, and financial statements through 2021.

  • Offering period extended 12 months from filing date
  • Schedule A updated with common charges of $3,698.50/month and real estate taxes of $80.60/month for unsold residential unit as of August 4, 2022
  • Schedule B budget for January 1, 2022 through December 31, 2022 attached
  • Financial statements for years ending December 31, 2019, 2020, and 2021 attached
  • Final Certificate of Occupancy issued January 19, 2022
  • One unsold residential unit (PHE) and three retail units remain as of August 4, 2022
  • Sponsor dispute with Board regarding approximately $50,000 in charges authorized by Managing Agent in 2018

Amendment 19 Sep 9, 2021

This amendment extends the offering period by 12 months and updates Schedule A with current common charges and real estate taxes for 2021/2022, along with an updated budget for 2021.

  • Offering period extended 12 months from filing date
  • Schedule A updated with common charges for January 1–December 31, 2021 operating year
  • Real estate taxes calculated using actual 2021/2022 tax year amounts (July 1, 2021 – June 30, 2022)
  • Schedule B budget provided for January 1–December 31, 2021
  • Sponsor owns unsold units with monthly common charges of approximately $17,737 and real estate taxes of approximately $487 in aggregate
  • Three unsold residential units leased with aggregate monthly rent of $36,000
  • Temporary Certificate of Occupancy issued July 9, 2021; permanent certificate not yet issued

Amendment 18 Sep 15, 2020

Eighteenth amendment extends the offering period for 12 months, updates Schedule A with current common charges and 2020/2021 real estate taxes, and provides 2020 budget and financial statements.

  • Offering period extended 12 months from filing date
  • Schedule A updated with common charges for current operating year (1/1/20-12/31/20) and actual real estate taxes for tax year 2020/2021
  • Schedule B budget provided for year ending 12/31/2020
  • Audited financial statements for period ending 12/31/2019 included
  • PCO escrow amount reduced to $2,500 from prior estimate of $18,316,439
  • As of 8/4/2020: unsold units' aggregate monthly common charges approximately $28,370.20 and monthly real estate taxes approximately $861.12
  • No tenants currently residing in sponsor-owned residential units
  • Sponsor current on all financial obligations

Amendment 17 Jul 2, 2020

Unit M1 street address changed from 550 Vanderbilt Avenue to alternate address 655 Dean Street, and FinCEN reporting requirements for title companies added.

  • Unit M1 street address now 655 Dean Street, Brooklyn, New York 11238 (alternate to 550 Vanderbilt Avenue)
  • Updated floor plan for Unit M1 attached
  • Title companies required to report beneficial owners of 25%+ equity in purchasing entities for cash transactions over $300,000 until November 5, 2020
  • Purchaser responsible for FinCEN reporting compliance costs and delays; Sponsor has no obligation

Amendment 15 Aug 30, 2018

Amendment extends the offering period and updates financial disclosures, smoking policy, and sponsor entity information.

  • Schedule A updated with current common charges and 2018/2019 real estate tax amounts
  • Schedule B budget provided for January 1 – December 31, 2018
  • Sponsor entity restructured; Pacific Park 550 Vanderbilt, LLC now owned by Atlantic Yards PUC Venture LLC
  • Smoking policy disclosed: prohibited in common areas and outdoor areas within 25 feet of entries; $250 fine for violations
  • PCO escrow amount reduced to $1,149,000; permanent Certificate of Occupancy not yet issued
  • First Annual Meeting held March 26, 2018; Board of Managers elected including one residential unit owner representative
  • As of August 22, 2018: approximately $96,456 monthly common charges and $3,482 monthly real estate taxes on unsold units
  • No mortgages on unsold units; sponsor current on all financial obligations

Amendment 14 May 23, 2018

Fourteenth Amendment discloses 421-a tax benefits eligibility, changes in sponsor principals and board members, new managing agent, and mortgage payoff on unsold units.

  • Preliminary certificate of eligibility for 421-a real estate tax benefits received; exemption period of 25 years with progressively decreasing benefits
  • Robert Sanna replaced MaryAnne Gilmartin as principal of Sponsor
  • First Annual Meeting held March 26, 2018; new Board of Managers elected
  • FirstService Residential New York replaces Midboro Management, Inc. as Managing Agent effective July 1, 2018
  • Sponsor paid off mortgage on Unsold Residential Units; none now financed
  • PCO Escrow Amount reduced to $1,149,000
  • Park Restrictive Declaration recorded December 22, 2016 under CRFN 2016000455050
  • Added Special Risk disclosure regarding Tax Cuts and Jobs Act of 2017 affecting homeownership tax information

Amendment 13 Nov 21, 2017

Purchase prices of certain unsold units are increased and/or decreased per Exhibit A.

  • Schedule A prices increased for 7 homes (median +4.2%): 306 $955,000 → $995,000; 417 $882,000 → $920,000; 502 $845,000 → $875,000; 522 $725,000 → $760,000; ...

Amendment 12 Sep 28, 2017

Twelfth Amendment extends the offering term by 12 months, updates unsold unit list and financial disclosures as of September 20, 2017, and reduces the estimated cost to obtain permanent Certificate of Occupancy.

  • Offering period extended 12 months from filing date
  • Permanent Certificate of Occupancy cost estimate reduced from $18,316,439 to $3,536,496.00
  • Common Charges delay period scheduled to end September 30, 2017; collection resumes October 1, 2017
  • Unsold unit aggregate monthly Common Charges approximately $148,623.00; monthly real estate taxes approximately $89,439.00
  • First residential closing occurred February 27, 2017
  • Mortgage on unsold units: $59,817,861.76 outstanding principal, HSBC Bank USA, N.A., maturity July 1, 2018
  • FinCEN reporting requirements for purchases with legal entities over $3,000,000 (Manhattan) or $1,500,000 (other boroughs) without external financing

Amendment 11 Aug 24, 2017

Offering prices for unsold units are increased and/or decreased.

Amendment 10 Jul 25, 2017

Amendment discloses potential change from 15-year to 25-year 421-a tax exemption with updated tax projections and closing adjustment procedures.

  • 421-a exemption may be extended from 15 years to 25 years if modified application approved by HPD
  • 25-year exemption would provide 100% exemption for years 1-21, then decrease: 80% (year 22), 60% (year 23), 40% (year 24), 20% (year 25)
  • One-bedroom and larger units may receive larger benefits under new exemption as no cap expected to apply
  • Real estate tax projections updated based on July 17, 2017 letter from Tuchman, Korngold, Weiss, Liebman & Gelles LLP
  • Schedule A tax projections based on tax year 2018/2019; 2017/2018 bills may be less than shown
  • Purchasers who close before 421-a exemption implemented will pay full taxes initially; re-adjustment to occur if exemption granted
  • Sponsor holds purchaser tax overpayments in Special Account; releases purchaser's share of 421-a Rebate if exemption granted
  • No guarantee 421-a exemption will be granted; if denied, units subject to full taxation and no right of rescission available to purchasers

Amendment 9 Apr 11, 2017

Discloses first residential closing on February 27, 2017, establishes PCO escrow account, designates initial board members, and updates building conditions and insurance requirements.

  • First residential closing (Unit 222) occurred February 27, 2017
  • PCO Escrow Account established with $851,313 balance as of February 27, 2017
  • Temporary Certificate of Occupancy issued January 4, 2017; permanent COO not yet issued
  • Architect estimates $18,316,439 needed to obtain permanent Certificate of Occupancy
  • 160 units under executed agreements pending closing; 115 units not yet under agreement as of March 10, 2017
  • Sponsor delaying commencement of Common Charges; will pay operating expenses during Delay Period
  • Six residential units have reduced floor-to-ceiling heights in living/dining rooms or bedrooms (9'-2" to 9'-9")
  • Unit owner insurance requirement increased to $1,000,000 per occurrence minimum

Amendment 8 Mar 7, 2017

Offering prices for unsold units are increased and/or decreased.

  • Purchase prices revised for units listed on Exhibit A
  • Sponsor retains right to further revise prices and sale terms for unsold units
  • No price changes affect units with existing purchase agreements without purchaser consent
  • Schedule A prices increased for 99 homes (median +2.0%): 203 $830,000 → $847,000; 205 $825,000 → $842,000; 207 $825,000 → $842,000; 209 $945,000 → $962,000; ...

Amendment 7 Dec 21, 2016

This amendment updates budgets, common charges, building measurements, managing agent, board composition, and terrace dimensions.

  • Schedule B budget reduced for Management Agreement and Insurance line-items
  • Schedule A common charges updated based on new budget; common interest percentages adjusted for certain units
  • Midboro Management, Inc. designated as new Managing Agent replacing FirstService Residential New York, Inc.
  • Midboro Management, Inc. also designated as Budget Expert
  • Initial Board of Managers increased from 3 to 4 members: Shwetha Subramanian, Scott Solish, Gene Dubrovin, and Jeff Rosen
  • Unit measurement methodology clarified with specific rules for floor area calculation and private elevators
  • Floor-to-ceiling heights in 15 units reduced due to building system coordination (ranging from 9'1½" to 9'10")
  • Terrace dimensions changed for units PHE, PHW, and PHS due to construction conditions
  • Schedule A prices decreased for 98 homes (median -1.9%): 203 $847,000 → $830,000; 205 $842,000 → $825,000; 207 $842,000 → $825,000; 209 $962,000 → $945,000; ...

Amendment 6 September 2016

Plan declared effective after 15% of units sold; additional deposit payment terms clarified.

  • Plan declared effective as 42 of 278 residential units (15% minimum) have been sold
  • Additional Deposit now due within 30 days of receiving this Amendment notice
  • For new agreements signed after this Amendment, both Initial and Additional Deposits may be required upon execution
  • Filing period extended for 6 months from this Amendment's filing date

Amendment 5 Aug 8, 2016

Purchase prices of unsold units are increased or decreased.

  • Updated Schedule A with revised Offering Prices for unsold units
  • Sponsor reserves right to revise further Purchase Prices and terms of sale
  • Schedule A prices increased for 3 homes (median +3.0%): 1608 $2,590,000 → $2,667,700; 1609 $2,410,000 → $2,482,300; 1610 $1,785,000 → $1,838,550

Amendment 4 2016

Updated floor plans for 15 units, revised Schedule A square footages for retail units, new emergency roof deck access, adjusted roof deck layout, title company beneficial owner reporting requirement, and replacement sponsor principal.

  • Floor plans updated for units 525, 529, 530, 531, 701, 702, 704, 706, 708, 801, 802, 804, 806, 808, 628, 909-1209, M2, 625, 725, 819, and Storage Bin 44 due to structural columns and construction changes
  • Schedule A updated with new square footages for Retail Units; no change to unit Purchase Prices
  • Emergency locked gate added between Roof Deck and Unit 819 Terrace for FDNY egress
  • Roof Deck layout adjusted: landscape and circulation space increased by approximately 750 square feet, gathering space reduced
  • Special Risk added: Title companies must report beneficial owners of 25%+ equity in purchasing entities for transactions over $3,000,000 with cash payment
  • MaryAnne Gilmartin replaced David L. Berliner as principal of Sponsor
  • Offering period extended for six months from amendment filing date

Amendment 3 Aug 4, 2015

This amendment updates floor plans and square footage, adjusts the budget for storage fees, adds smoking restrictions for LEED certification, introduces a resale profit-sharing provision, clarifies planter maintenance responsibilities, and addresses private elevator obligations.

  • Floor plans updated with square footage changes of 2–11 feet increases and 2–6 feet decreases
  • Schedule A updated to reflect new square footages; no change to purchase prices
  • Schedule B adjusted by $756.00 in Storage Bin License Fee income
  • Smoking prohibited in all common areas and outside within 25 feet of entries and windows
  • Unit Sale Excess Consideration: sellers must pay sponsor 50% of resale profit above original price within 12 months
  • Residential unit owners responsible for maintaining planters and plants at their cost during sponsor control period
  • Open Space Easement Agreement form modified with date, terminology changes, and clarified permitted uses
  • Board and managing agent given easement rights to inspect and repair planters

Amendment 2 Aug 25, 2015

Offering prices for unsold units are increased and/or decreased as shown in the revised Schedule A.

  • Purchase prices of unsold units revised per Exhibit A Schedule A
  • Sponsor retains right to revise further purchase prices and terms for unsold units
  • Changes do not affect units with executed purchase agreements without purchaser consent
  • Schedule A prices increased for 22 homes (median +1.9%): 602 $860,000 → $875,000; 604 $1,000,000 → $1,015,000; 606 $1,000,000 → $1,015,000; 615 $1,045,000 → $1,060,000; ...

Amendment 1 Jul 24, 2015

Amendment adjusts purchase prices for certain unsold units in the condominium.

  • Purchase prices of units listed on Exhibit A increased and/or decreased
  • Sponsor reserves right to revise further purchase prices and terms of remaining unsold units
  • Changes do not apply to units already under Agreement for Purchase without purchaser consent
  • Schedule A prices increased for 75 homes (median +2.0%): 203 $830,000 → $847,000; 205 $825,000 → $842,000; 207 $825,000 → $842,000; 209 $945,000 → $962,000; ...
  • Schedule A prices decreased for 1 home (median -1.1%): 1515 $1,785,000 → $1,765,000
What each amendment changed, line by lineSee it free →

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.

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.

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.

Zoning

Zoning districts
R7A, M1-1The lot is split between two districts, the largest share first
Commercial overlay
C1-4

Today's zoning, from city data (PLUTO 26v2).

Nearby

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The Condo Book Project Are 550 Vanderbilt's common charges high for the area? Yes, they're on the high side. 550 Vanderbilt budgets $1.25 per square foot a month, against a $0.96 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?
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