An overwhelming number of Freddy's Bar patrons plan on chaining themselves to the bar if Scrooge Ratner and Grinch Paterson's Atlantic Yards Project attempts to shutdown and demolish Freddy's Bar and Backroom. This Sunday, December 20th, we are installing chains onto the Bar itself for just such a purpose.More from NLG here and here.
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…