“MTV’s had a loud presence in the New York music scene for the last couple of years, most notably with our two monthly music shows — the live stream series ‘Artist to Watch Live’ at Webster Hall and the Artist to Watch concert series at Highline Ballroom,” says Amy Doyle, MTV’s head of music and talent strategy. “With the ‘VMAs’ in Brooklyn this year, we really wanted to build upon this groundwork and throw a week-long party that was open to music fans across the city.”Three of those concerts are at the Music Hall of Williamsburg, one at Terminal 5, and one at Webster Hall.
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…