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At 550 Vanderbilt, a "two-bedroom" unit renting for $3,390. Check the fine print.

Wait a second: could a two-bedroom unit (#406) at the condo building 550 Vanderbilt actually rent for just $3,390, barely 5% more than a two-bedroom at "100% affordable" 535 Carlton, which maxes at $3,223? See screenshot from StreetEasy below.

After all, $3,390 would be less rent than currently requested for some one-bedroom units at 550 Vanderbilt. Sure, there's a glut in and around Downtown Brooklyn, but that seems a stretch.

Actually, unit #406 was originally sold as a one-bedroom, with 788 square feet. According to the listing, this "is a huge flex 2 unit" and "Owner will put up a pressurize wall" to create a new bedroom.

Now, Dean Street neighbor Industrious claims to be part of Pacific Park

Well, I've previously criticized the developers of Pacific Park Brooklyn for appropriating nearby blocks as part of their purported (and very oddly shaped) 22-acre "neighborhood." In February, they pronounced the new Four & Twenty Blackbirds store across Dean Street “in the heart of #PacificParkBK!"

But you have to hand it to the office space provider Industrious: they got the message. They're not in Prospect Heights any more. The web site for their location on Dean Street, opposite the southeast block of Atlantic Yards/Pacific Park and very near Four and Twenty Blackbirds, proclaims, "Work in Pacific Park, where brownstone Brooklyn meets downtown."


Thing is, that view of 550 Vanderbilt in the background (or 535 Carlton in the other direction) by no means captures what users of that nifty deck will be finding over time: construction of two buildings directly across the street, and three larger buildings over the railyard behind them.

Another perspec…

Discuss: "550 Vanderbilt fits right in with the existing charm of Brooklyn, while making a statement all by itself"

Not unlike the way the Prospect Heights Historic District was used to promote 550 Vanderbilt, or the building was described as an "oasis above the never-ending excitement of Brooklyn," let's look now at another tweet claiming "#550Vanderbilt fits right in with the existing charm of Brooklyn, while making a statement all by itself."

Oh, really? As one person responded, "It's a 20 story building surrounded by 3 story buildings. Maybe in China this is considered fits right in."

The view in the above photo is southeast from Atlantic Avenue. Of course, all the other buildings planned for the project aren't visible, either as existing structures or mock-ups.

The real context

Consider the image below, from the opposite angle, looking north and west from the southeast, produced in September 2015 by the architects of the B12 (615 Dean) condo tower. That yet-unbuilt tower would be 287 feet, clearly much larger than 550 Vanderbilt (the tower at lower righ…

Next Quality of Life meeting on Tuesday, May 2; pending questions re buildout

The next Atlantic Yards/Pacific Quality of Life Meeting will be held:
Tuesday, May 2, 2017 at 6:00 PM
Shirley Chisholm State Office Building
55 Hanson Place
1st Floor Conference Room
Brooklyn, NY 11201 If you have any questions, concerns, or suggested agenda items contact the Empire State Development Atlantic Yards Team (aka, presumably, the Pacific Park Team) at atlanticyards@esd.ny.gov.

The most recent of the bi-monthly meetings, in March, ran short and was relatively subdued. There were few questions about project operations and impacts, and very little for the project developers and arena operators to present.

The agenda, at right, is completely vague, since "Updates" could mean anything.

Pending questions

For this meeting, we're still awaiting answers to larger and smaller pending questions, which include: what's the project schedule, given unspecified delays?what about the effort to sell (parts of) three building sites (B12, B13, B3)?when will plans regarding Sit…

Barclays Center releases May 2017 calendar: only three ticketed events (and what about graduations?)

In a community notice, the Barclays Center has shared a version of its May 2017 event calendar, which consists of just three publicly ticketed events, all concerts. The Barbra Streisand concert should draw an older crowd and more vehicles.
May is typically a slow month for the arena, at least when there are no playoff games, though this is as slow as May 2015 and not as slow as last year, the first year when there were two major league sports teams. But if they can't fill more dates, maybe they really don't want to lose the 44 events guaranteed by the hockey Islanders.

Several graduations

The list above doesn't fully capture the activity at the arena, though, because typically there are multiple privately ticketed graduations, which include:

May 11, 9 am: Long Island UniversityMay 16, 10 am: NYU Tandon School of EngineeringJune 5, 9:30 am: Baruch CollegeJune 8, 9 am: Medgar Evers College (with Hillary Clinton speaking) June 8, 4 pm: LaGuardia Community College
The arena no l…

In Commercial Observer list, Gilmartin joined by LaRue, not Ratner. Forest City NY succeeds Forest City Ratner.

The Commercial Observer's Power 100 two years ago ranked MaryAnne Gilmartin and Bruce Ratner separately, at #79 and #73, and last year ranked the two leaders of Forest City Ratner together at #66.

This year, ranked #67 are Gilmartin, described as President and CEO of Forest City New York, and David LaRue, President and CEO of Forest City Realty Trust, the parent company based in Cleveland.

That indicates a double Ratner diminishment of sorts. First, Ratner, the New York firm's Executive Chairman, no longer makes the list. Well, he's been winding down somewhat, and has taken harsh criticism from activist investors.

A new name for the New York subsidiary

But what's up with "Forest City New York"?

Well, the transition has begun without a grand announcement--and it's not yet achieved on the parent company's web site--but Forest City Ratner Companies is being renamed Forest City New York, I've learned, to better fit with the parent company. (Also see r…

Legal case involving 664 Pacific and neighbor appears resolved, but plans for tower (& school) unclear

A roadblock in the development of the 27-story B15 (aka 664 Pacific) site, which is slated for market-rate rentals and a school across from the Barclays Center, has been removed, but plans for that tower remain unclear.

Developer Greenland Forest City Partners was in a legal dispute with the owner of the adjacent 497 Dean property regarding the safety of planned excavation activities for 664 Pacific, as well as a license fee for access. 
The case, as shown in the documents below, is now discontinued, which implies an out-of-court resolution. 
What's next? 
A spokesman for GFCP declined comment, so we don't know when and whether construction will start. (The market for rentals may also be a factor in deciding to build.)
Perhaps the issue will come up at the upcoming Atlantic Yards/Pacific Park Quality of Life meeting, next Tuesday, May 2, at 6 pm at 55 Hanson Place.
As I wrote, given that the projected time for pre-construction and construction of 664 Pacific is four years, that…

Activist investor again goes after Forest City, suggests it's candidate for acquisition

On 4/24/17, Forest City Realty Trust "announced the appointment of Z. Jamie Behar, CFA, and the nomination of Craig Macnab, two highly qualified and accomplished real estate executives with significant board experience, to serve on its Board of Directors."

Behar, joining the board immediately, will fill the vacancy created when Bruce Ratner, executive chairman of Forest City's New York subsidiary, left the board at the end of 2016. As I suggested, the lack of encomia toward Ratner suggested the company was not super-pleased with the performance under Ratner. Macnab, an independent director, would succeed Stan Ross, who won't stand for re-election at Forest City's upcoming, if unscheduled, annual meeting.

Activist investor still pushing

That makes eight of 13 board members independent--enough for the main activist investor, Scopia Capital, but not so for a smaller, feistier activist investor,  Land and Buildings Investment Management, which yesterday issued another…

Resorts World Casino NYC Plaza: public amenity or promotional location? (again)

From the latest Construction Alert: visible work at two arena block buildings

According to the latest Atlantic Yards/Pacific Park Construction Update (bottom), covering the two weeks beginning April 24 and circulated yesterday at 2:19 pm (a bit late) by Empire State Development after preparation by Greenland Forest City Partners (GFCP), the most notable work will occur around the arena block.

At B3 (aka 38 Sixth), the removal of hoist run (exterior elevator) will begin, as will the installation of panels where the hoist run was. Also, removal of overhead protection may occur in certain locations.

At B2 (aka 461 Dean), exterior site work to complete the sidewalk was to begin yesterday, with some work taking place overnight, as discussed in a previously distributed community notice.

Outside B11 (aka 550 Vanderbilt), part of Dean Street will be repaved where the fence was removed.

Saturday and after-hours work

As in previous weeks, Saturday work could occur at B3, B11 (550 Vanderbilt), B12 (615 Dean), and B14. Then again, pretty much nothing has been happening at B…

Nets TV ratings down, attendance up slightly, gate count reportedly up more (but 71% full)

NetsDaily, drawing on Sports Business Journal, yesterday reported YES ratings drop a precipitous 28 percent to worst in NBA:  "Brooklyn Nets games on YES Network posted a 0.33 rating, the lowest for any NBA team since the 2010-11 season when the Nets on YES averaged a 0.31." Apparently the Nets' ratings went up initially, thanks to the addition of Jeremy Lin, then plunged after his injury. NetsDaily suggests:
Next season, YES will likely have a resurgence, with its two-season long dispute with Comcast resolved. That cost them 900,000 households. The Nets and YES will also have a new contract starting next season, with a substantial boost in rights payments.Attendance and gate count up
NetsDaily noted that reported attendance rose to 15,429, an uptick from 15,125 in 2015-16. That represents 28 of 30 NBA teams ahead of the Minnesota Timberwolves and Denver Nuggets, as reported by ESPN.
NetsDaily also reported some statistics that aren't publicly posted: The Nets had a …

Prokhorov said to be selling 49% of the Nets, but that's not easy. Would share of team/arena be worth $1.6B?

Bloomberg reported 4/21/17, Billionaire Prokhorov to Sell 49% in Brooklyn Nets, RIA Reports: Russian billionaire Mikhail Prokhorov wants to sell 49 percent of the Brooklyn Nets, the professional basketball team in New York that he fully owns, according to RIA Novosti.
A buyer for the stake hasn’t been found yet, Prokhovov said, according to the news service. His spokesman didn’t comment immediately when contacted by Bloomberg News.
Prokhorov said in November that he’d hired Allen & Co. to find a local minority investor for the Nets “to further strengthen the team’s New York presence in order to expand upon our business and community relationships.” He didn’t say at that time how much of the club he planned to sell. The news, apparently, is not that Prokhorov wants to sell, given the six-month effort, but that he wants to sell just less than one half.

The more interesting question is how that local investor would "strengthen the team's New York presence" if the major…

Harper's on de Blasio's housing plan: "a target of his own ambitious gamble"

From a thoughtful profile in the April issue of Harper's magazine, headlined Defender of the Community: Bill de Blasio gambles on doing the right thing, from Alan Feuer: Casting himself as a kind of urban Robin Hood, the mayor gave his listeners a choice. He could, of course, sit back and do nothing as the market did to them what it had already done to hyper-gentrified neighborhoods like Williamsburg, in Brooklyn: bury them in glass condominiums and artisanal pizzerias. Or he could use his right hand to welcome builders to the area while employing his left to pick their pockets of apartments people could afford. “I have a huge critique of the free-enterprise system, but it’s not going anywhere,” he said. “There’s plenty of places in the city where someone can build a building in any way they want. That’s the reality of a capitalist system. My vision is that the government intervenes to the maximum extent possible to create balance.” But what if that balance is out of whack, as in…