- NoLandGrab on the putative reduction in the 421-a revision pending before the State Legislature
- The Council of Brooklyn Neighborhoods on AKRF's role working for Forest City Ratner and then the Empire State Development Corporation
- Develop Don't Destroy Brooklyn on the Daily News's story regarding the ESDC's delay in implementing planned Atlantic Yards oversight. (It ran only in the Brooklyn section, as noted on Brownstoner.)
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…