The Garden is being renovated without state or city subsidies, although it will continue to benefit from its longtime property tax exemption. To pay for the work, the Garden has said that the cost of Knicks season tickets will jump an average 49 percent, and Rangers seats will go up by 23 percent. Twenty new courtside-access suites (fitted with bathrooms and fireplaces) have a yearly rental fee of about $1 million each; all are spoken for. Their food spectrum will be drawn from Mr. Vongerichten’s suite menu and the other upscale concessionaires.Will the future coverage of the Barclays Center, describing all the ways the Nets are trying to play to the public, mention the subsidies, tax breaks, naming rights and luxury suites behind the new building?
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…