One highlight of Coney Island's new summer season is the city's restoration and relocation of the legendary B&B Carousel, now occupying a pavilion in the new Steeplechase Plaza adjacent to MCU Park.For more, go to City Downplays Ratner's Role In Carousel Recovery.
Lost in the hoopla, however, is how at least one private party, leading Brooklyn developer Forest City Ratner, helped in the carousel's revival.
Unveiling the new plaza last week, Mayor Mike Bloomberg's office stated in a May 24 press release, “The carousel operated on Surf Avenue for seventy years until it was nearly sold in pieces at an auction in 2005. The City of New York instead purchased the carousel to preserve this important piece of Coney Island’s history and restore it to its former glory.”
While the city did write a $1.8 million check for the carousel, taxpayers didn't pay for it all. Barclays Center developer Forest City Ratner contributed a good chunk, at a time when it was likely a wise business move to deliver for Bloomberg.
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…