In our ongoing effort to update you on the activities surrounding the Atlantic Yards Project (aka Pacific Park Brooklyn), attached is a supplemental report to the previously issued two week look ahead covering the period of September 29, 2014 through October 12, 2014.
The New York City Fire Department (FDNY) will be conducting training drills at the building located at 752 Pacific Street. These drills will take place on two consecutive weekends, Saturday, October 4th and October 11th during the hours of 10 AM to 11:30 AM. A total of 3 trucks will be parked at the site within the parking lot, there will be no sirens/noise and the trucks will access Pacific Street via the Vanderbilt Avenue security gate. Activity will include placement of ladders along the exterior of the building and stretching of fire hoses into the building. For each of the training sessions, the FDNY anticipates a total of 18 people for three separate companies that service the area.
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…