"In my seven years here, I've never seen a surge like this," [Brooklyn Nets CEO Brett] Yormark said. "Obviously, I've been very bullish on Brooklyn and have never wavered—new building, having a team that Brooklynites can root for. And that's all great. But at the end of the day, you need to have a product."Which is why Borough President Marty Markowitz is turning over Borough Hall today to a press conference and rally. Brooklyn finally has "a product," a "sports entertainment corporation" to call its own.
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…