“Rent over here is much higher,” said Ronald Wong, the owner of Vegetarian Palate, which will end its 11-year stay on Flatbush Avenue to move to Washington Avenue in early summer as the landlord converts the old building into condos. “It has to do with the Barclays Center. Since it opened, it has affected our dining and business.”Well, it sounds like the restaurant would be moving anyway, given the landlord's decision, but it is notable that a restaurant geared to locals would be affected by arena crowds. Some restaurants or bars manage to attract a mixed crowd, but a Chinese vegetarian restaurant is not likely to be among them.
Wong says his brisk takeout business suffered as arena-goers started parking on the block during events and parking enforcement officers increased their vigilance — with no real uptick in orders from stadium attendees.
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…