Workers earlier this month buttoned up the top of the under-construction Barclays Center in Prospect Heights by completing its steel-roof deck, and they also recently began insulating the rooftop and waterproofing it with a light-gray covering.Yes, the warm weather does eliminate certain potential construction challenges. But "on schedule to open in September" is a bit incomplete, given that only this month was the substantial completion date pushed back from late August to early September.
...[Forest City executive Bob] Sanna during an interview with the Post yesterday said about 35 percent of the 188,425-square-foot roof is complete and that Barclays Center is still on schedule to open in September.
“We got lucky with the warm weather we've been having. You usually aren't able to get roofers on a roof in February,” said Sanna.
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…