He pulled out a copy of the inaugural address by Columbia’s president, Lee C. Bollinger, in 2002, and read several passages. In one, Mr. Bollinger described the university’s need to expand and said, “I will do everything in my power to build this new Columbia.”It also sounds a lot like Atlantic Yards developer Bruce Ratner's statement, upon the December 2003 announcement of the AY plan: "We are going to get the Nets to Brooklyn if it’s the last thing I do."
“That almost sounds like it’s coming from a religious figure,” Mr. Sprayregen said. “Do they think this is fallow land with no one on it, and they’re settlers and there are a bunch of illiterate Indians here and it’s their God-given responsibility to tame us and take control?”
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…