- Does Forest City Ratner have permission to install bollards at the Atlantic Yards arena site? I asked the Department of Transportation but haven't heard back.
- Flood lights at the Vanderbilt Yard, supposed to go on at 6 am, were reported to go on at about 4:30 am. About this one I didn't ask, but wouldn't a proactive Empire State Development, the agency overseeing the project, want to set the record straight?
- How much did the various parties spend on the last playground "funded in part" (but promoted in the main) by the Barclays Nets Community Alliance? I asked sponsor Out2Play but haven't heard back.
- Here's a bonus: Representative Yvette Clarke issued a press release stating that she took "took Dr. Winslow Sargeant [of the federal Small Business Administration] on a tour throughout key sections of 11th Congressional District of New York such as Brownsville, Prospect Plaza and the Atlantic Yards/Nets Stadium site, which represent areas where small businesses thrive, are currently undergoing development and are in need of federal resources for its revitalization." What?
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…