Why should other critics have all the fun? Mark Lamster and Alexandra Lange hash out their bests and worsts of the year over sandwiches in Boerum Hill.Lange had previously slammed New York Times architecture critic Nicolai Ouroussoff for, among other things, his coverage of Atlantic Yards.
...Most Anti-Climactic Groundbreaking Award: Atlantic Yards — oh wait — Barclays Center. When you’re more interested in the ownership than the team or the building, something is out of whack. [AL]
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…