B-2 Tower, Modular ResidentialThe closure is limited to Dean Street between Flatbush Avenue and Sixth Avenue.
New Information: Dean Street will be closed from 9:00 am to 2:00 pm next Monday, January 13th’ Wednesday, January 15th and Thursday, January 16th to install connections from AY T2 to the DEP water main in Dean Street. Work will consist of saw cutting the pavement, excavation, installation of the service pipe, wet tapping the water main, backfilling, and restoration of the pavement. The excavations will be plated over at the end of each work day. Signage regarding the closure will be posted at Flatbush Avenue & Dean Street intersection.
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…