For a lifelong Brooklyn resident like Markowitz, the arrival of the borough's first major league sports team since the Brooklyn Dodgers is cause for lengthy celebration. "It will bring us respect that's overdue," he says. "It puts Brooklyn on the national map and gives us a sense of pride. It will bring people together in that way that music and religion and family and sports can -- really bring us together in a common goal to cheer for the team."Really, hasn't it been a while since Brooklyn was the butt of jokes? Hasn't he heard of tres Brooklyn?
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…