Anthony Taylor sat on a metal folding chair in the St. Bartholomew's Church cafeteria, 1227 Pacific Street, and recalled the days when several buildings in the Atlantic Yards footprint held jobs, "We lost 40,000 jobs back there. We lost the Daily News building. We lost the bakery, the Chunky factory, the soap factory, the box company."The Chunky factory at 603 Dean Street, it turns out, was sold in 1967. It later housed a machine works and, most recently, a homeless shelter, now apparently doomed.
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…