LIRR Yard Activities – Atlantic Avenue
On October 31, 2014 the contractor will commence work related to the cutting and capping of a 36” New York City Department of Environmental Protection (NYCDEP) trunk water main located on the south side of Atlantic Avenue. Much of this work, which entails excavation utilizing an excavator and dump truck, will take place inside the Atlantic Avenue MPT area located to the east of 6th Avenue. This work will not affect water service in the area. Work overall duration will be 1- 2 weeks, with at least one week happening during this reporting period. It is expected that this work will be performed during day time work hours.
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…