Please be advised the LIRR will be using the lighting system in Vanderbilt Rail Yard tonight January 21st 2014.The lights will be on in order to do snow removal and mitigate the overall icy conditions for the safety of the workers using the Rail Yard. Those involved have been instructed how to properly turn off the lights in the yard and will do so when the work is completed.
Please let me know if you have any questions.
Derek Lynch | Manager, Atlantic Yards Project
Empire State Development
(646) 581-6092: Cell
(212 803-3736: Office
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…