While Izod lost money last year, financial figures released by the state Sports and Exposition Authority do not show heavy losses. The arena last year generated $12.2 million in event revenue and another $6.7 million in income from advertising, suite revenue and property lease payments.
It has 131 events scheduled this year, up from 109 last year, despite the 2014 Super Bowl at MetLife Stadium, which shut down the Meadowlands complex for about a month leading into the February game. Still, after administration and event expenses, Izod reported a $45,800 loss.
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…