The world’s most-renowned living architect, Frank Gehry, stopped by Pratt University last week to impart some sage-like wisdom to students and never mentioned that his greatest failure, the Atlantic Yards development, was only blocks away.Actually, it's the Pratt Institute, not University.
...Appearing completely at ease, Gehry reminisced about his early days in the architecture business, long before he would design the Guggenheim Musuem at Bilbao, or the Walt Disney Concert Hall in Los Angeles.
The students hung on Gehry’s every word, and laughed generously at his jokes.
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…