FDNY & USMC Drill at Barclays Center - 9/13/13 (BK)
Notification issued 9/12/13 at 5:00 PM. From 8 PM Friday, 9/13/13 until 2 AM Saturday, 9/14/13, the FDNY and US Marine Corps are conducting an exercise at the Barclays Center, at Atlantic Ave and Flatbush Ave, Brooklyn. Expect to see military vehicles and personnel in hazardous materials suits near Dean Street, between Flatbush and 6th Aves, as well as volunteers in disaster simulation makeup. This is only a drill.
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…