Atlantic Yards/Pacific Park Report

Early December Digest and Workshop Preview ( link ) Bigger buildings, more open space proposed. Design changes aimed to speed construction. Doubts about affordability. What public resources sought? Tonight, public input on streetscape, retail, etc. 

So, are any of the various "Brooklyn Ascending" ownership entities--ten of which are apparently part of the Atlantic Yards deal, as I wrote --involved in any property transactions? Yes, indeed, according to the city's Automated City Register Information System (ACRIS) database, with transactions involving the parcels on the Vanderbilt Yard. From REO to Mezz For example, one recent  document  memorializes a transfer from Brooklyn Ascending REO JV to Brooklyn Ascending Mezz.  REO JV, the grantor/seller, may involve the U.S. Immigration Fund (USIF) and Fortress Investment Group, which held collateral to six railyard (B5-B10) sites after developer Greenland USA defaulted on loans from immigrant investors under the EB-5 investor visa program. That default led to a foreclosure, with Cirrus Workforce Housing ultimately taking over financial control of the project, with a USIF affiliate and Fortress remaining passive partners. The grantee/buyer, Brooklyn Ascending Mezz, likely re...

At Advisory Board Meeting, New Focus on Affordable Housing ( link ) Negotiator of original ACORN housing deal points to unmet promises regarding level of affordability and family-sized units. What are the costs to make it work?

I recently wrote : Does anyone, outside of the principals, know the ownership stakes in Brooklyn Ascending Land Co., LLC, the legal entity that apparently owns Atlantic Yards while the “permitted developer,” a team involving funder Cirrus Workforce Housing and the development company LCOR, steer the project? Well, I haven't been able to drill down on that. But I have found, in both New York State and Delaware databases, a good number of entities that seem to have a role in the project. In New York A search of the Division of Corporations of New York State's Department of State turns up three limited liability companies (LLCs) with the name "Brooklyn Ascending" as part of their name. (For the purpose of acronym avoidance, I'm cutting "LLC" from their formal names.) Well, Brooklyn Ascending Developer (formed 5/8/25) and Brooklyn Ascending Site 5 Developer (formed 9/9/25)  are both domestic limited liability companies (LLCs). They're represented by the...

As Developers Propose Much Larger Buildings, Their Renderings Distort Reality ( link ) Images downplay proposed changes while inflating what's been approved. The claimed 20% increase in bulk translates to 46% at the railyard but 71% at five sites (or 99% at four?).  

Questions for the Atlantic Yards CDC Meeting ( link ) Was the "Feasible Alternative" depicted feasibly? (Not quite.) Do new developers seek just a 20% increase in bulk, & should they get it for free? Why no plans for lower-income units?

The Barclays Center last week released its December 2025 calendar of events: 13 ticketed events including six Brooklyn Nets games, six concerts and a women's college basketball tournament--but no New Year's Eve show. That said, there is an unspecified "private event" on New Year's Eve, lasting from 8 pm through 12:30 am. It's unclear whether it's a large event, like a worship service or a private concert, or whether it's a small event confined to one of the arena's premium spaces. If it's a large event, they should let neighbors know, given the possibility of crowds. This is the second year of the Shark Beauty Women’s Champions Classic , a doubleheader again featuring women’s college basketball teams from UConn, Tennessee, Iowa & Louisville. (Shark Beauty sells hair care tools.) December 2024 In December 2025, there were 15 ticketed events including five Brooklyn Nets games, two college basketball tournaments, and eight concerts--but no New...

Who Owns What In the Project? What Are the Project's Real Variables? ( link ) When I asked about ownership, I got the runaround. Previously, a risky structure undermined the project. Plus: doesn't public investment require more financial transparency?