As you may or may not know, every year the AFL commissioner gives a state of the league address where he talks about what has happened to the league such as the TV deal with CBS, the CBA settlement, and other things. What caught my eye is this little bit regarding expansion:
As we head into the 2013 season, I am as pleased as I possibly could be with our direction. We’ve got 14 markets now – and another two expansion teams on the horizon for next year –
Now as far as I know one of the two expansion markets is New York which would play in the Barclays Center in Brooklyn, NY. It'll be interesting to see which city is rewarded with the second expansion team as it would give the league an even 16 teams which works very well in the 4 division set-up the league currently has.
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…