Critics both amateur and professional began offering raves and pans even before the building opened, with the first of a string of eight sold-out concerts by Jay-Z, a fractional ownerof the arena and of the primary tenant, the Brooklyn (formerly New Jersey) Nets.For more, see the full essay.
However incisive the comments, the push to be first, at least for the pros, seems premature: they've assessed the building mainly as an urban sculpture (and borough statement) and in part as a venue for event-goers, with its tight, basketball-centric bowl and below-grade event floor.
But the arena's also an organism, ingesting up to 19,000 people at a time for concerts, shows, and games, and delivering many of them not only to the subway, but also to narrow area streets and sidewalks, making neighbors wary....
Critics should have waited.
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…