"It's a good environment," Young said. "We like to come down and walk on the piers and walk on the bridges and stuff like that. Plus, the practice facility is gonna be in Industrial City [in February] so that's gonna be probably 10-15 minutes away from here, and like I said, Barclays Center is right up the street.That suggests the location is in the Downtown Brooklyn area. Update, it's sort-of Brooklyn Heights, actually a large condo building in a former factory.
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…