The Brooklyn Navy Yard has found a new captain. David Ehrenberg, an executive vice president of the city's Economic Development Corp. in charge of real estate, has been chosen by the Navy Yard board to serve as executive director of the nonprofit that manages the 300-acre waterfront industrial park.The longtime head of the NYC Economic Development Corporation, Seth Pinsky, also left recently for a job in real estate.
Mr. Ehrenberg has big galoshes to fill following the departure in June of Andrew Kimball, the Navy Yard's top brass for the past eight years. Mr. Kimball helped oversee a renaissance of the once-derelict docks and warehouses into a hub of neo-Brooklyn industrial artistry, hosting everything from electronics distribution to whiskey distillers, two separate modular housing manufacturers and even a film studio.
...Mr. Ehrenberg served most recently as co-head of the real estate department at the Economic Development Corp., where he worked on marquee projects. He helped oversee the bidding bid process for what eventually became Cornell's tech campus planned for Roosevelt Island. He also shepherded plans for a new Memorial Sloan Kettering/CUNY medical facility on the Upper East Side and served as the city's point person on the 22-acre Atlantic Yards development.
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…