Please note that due to changes in construction logistics, we will only be installing one crane over Columbus Day Weekend. The crane that will be installed over the weekend is a large crane and will be positioned at the corner of Dean Street and 6th Avenue and will require the same temporary detours of vehicles, pedestrian and bicycle traffic as previously stated in the Community Notice (attached.)
A second and smaller crane will be installed on Atlantic Ave near 6th Ave at a later date and will have minimal impacts. We will notify the community in advance of the Atlantic Avenue crane installation date.
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…