The Yonkers waterfront is the kind of real estate that makes developers drool and tax assessors rub their palms in anticipation. Minutes from Manhattan and offering the most dramatic Hudson River views this side of the Palisades, the Alexander Street waterfront is 112 acres of blank slate just waiting to be molded into the next Battery Park City, or Atlantic Yards, or White Plains.Um, White Plains is a city, Battery Park City covers 92 acres, and Atlantic Yards would be 22 acres. And a blank slate--not quite.
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…