The Brooklyn Paper (my old pub) yesterday broke a story on its Website about the prevailing practice in Park Slope (a notoriously [sic] child-friendly, “socially-conscious,” uber-liberal neighborhood that is at the heart of Brooklyn Paper country), of paying nannies off-the-books.(Emphasis added)
The story originated with Park Slope Parents, a popular local blog, which produced a beautiful 73-page chart-filled study. The Brooklyn Paper did was little original reporting (beyond publishing a column attributed to an off-the-books nanny); it simply reported someone else’s findings. The story was packaged by The Brooklyn Paper with its familiar hysterical slant — the paper called the news ”earth-shattering” — and it was quickly picked up by local blogs and, this morning, by the NY Post.
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…