The immediate fallout from [Public Editor Arthur] Brisbane's question will be minor – no paper in the United States, not even the Times (as its editor partially concedes), has enough staff to express continuous skepticism about political speech – but there may yet be a lasting effect to be reckoned with. Having asked, in a completely innocent way, whether the Times should behave like an advocate for the readers, rather than a stenographer to politicians, the question cannot now be unasked. Every day in which the Times (and indeed, most US papers) fail at what has clearly surfaced as their readers' preference on the matter will be a day in which that gap remains uncomfortably visible.And that includes when politicians are talking about Atlantic Yards--and when developers do so, as well.
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…