D.N.C. BID — "De Blasio unveils 101-member D.N.C. host committee," by Capital's Sally Goldenberg: “Mayor Bill de Blasio has named banking and business executives as well as real estate bigwigs and labor leaders to the host committee he's assembled as part of the city's effort to host the 2016 Democratic National Convention....
Here are some of the people he named to the committee: Jeff T. Blau, The Related Companies; Richard Born, BD Hotels; Ric Clark, Brookfield Office Properties; Douglas Durst, The Durst Organization; Helena Durst, The Durst Organization; MaryAnne Gilmartin, Forest City Ratner Companies; Barry M. Gosin, Newmark Grubb Knight Frank; Jonathan Gray, Blackstone; Jeffrey R. Gural, Newmark Grubb Knight Frank; Marc Holliday, SL Green Realty Group; Hamilton E. James, The Blackstone Group; Gary LaBarbera, Building and Construction Trades Council of Greater New York; Kenneth Lerer, Lerer Ventures; Leonard Litwin, Glenwood Management; Michael E. Novogratz, Fortress Investment Group;
Bruce C. Ratner, Forest City Ratner Companies; Scott H. Rechler, RXR Realty; William C. Rudin, Rudin Management Company, Inc.; Harendra Singh, Singh Hospitality Group; Rob Speyer, Tishman Speyer Properties; Joseph Spinnato, Hotel Association of New York City; Daniel R. Tishman, Tishman Construction Corporation; Peter Ward, The New York Hotel and Motel Trades Council; Kathy Wylde, Partnership for New York City; Donald Zucker, Donald Zucker Co. The full list, for Capital Pro subscribers: http://bit.ly/1p1Ot2M
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…