"The Barclays Center has been no good to me," said A.B. Fulani, who has run a boutique suit shop just a block up Flatbush Avenue for 15 years. "People come here to get drunk for a few hours. They don't come to buy a shirt and tie."One reason is that parking is impossible on event days. And while Fulani claims big-box stores at Forest City Ratner's Atlantic Terminal mall have benefited, I'm not so sure.
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…