Atlantic Yards/Pacific Park Report

Can Public-Private Development Projects Be Fixed? Well, Maybe. ( link ) But it requires better monitoring, new procedures (approve in phases?), and better execution. Plus, legislators and the public must step up. The press, too. 

Previewing Panel on "How to Fix Public-Private Development" ( link ) One of the panelists wrote "No More Atlantic Yards!" Well, some things might be done now, but it takes political will.

Workshop on Public Realm, Retail, and Community Facilities Crowdsources Input, but Some Big Gaps ( link ) Would "signature open space" be "transformative," given boost in apartments? How long would it take? What about loading docks, parking issues, Site 5 retail/hotel (& LED lighting), and value of arena plaza?

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?).