It was billed as New York City’s largest Halloween party, an all-night rave with a costume contest in three 1000-plus capacity rooms and more than 15 DJs.
The Factory, a new venue in Brooklyn—operating without permits—aimed to piggyback on the Sensation electronic dance music show Oct. 26 at the Barclays Center just a few hundred feet away.
But “Fear Factory: A Sensational Afterparty” never happened, surely disappointing many of the more than 1,300 people who said on Facebook they were going, from an invited list of nearly 72,000. A former museum exhibitions factory at 700 Atlantic Avenue just east of Sixth Avenue, the venue is not quite ready for prime time—and too centrally located to evade queries from the police and fire departments that apparently short-circuited the event.
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…