So what Skelos (R-L.I.) is trying to do — and may very well get away with — is disturbing but just barely legal.And wouldn't that apply to, say, the Empire State Development Corporation's production of an Atlantic Yards Blight Study with bogus crime information?
And that’s Albany in a nutshell. Politicians doing things that damn well ought to be against the law but aren’t.
As political columnist Michael Kinsley has often said: Sometimes the real scandal is what’s legal.
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…