Love him or hate him, the smart money in New York City says that de Blasio is virtually ensured a second term. “What Manhattanites in the ‘Bloomberg Bubble’ don’t understand,” says the organization head who deals regularly with the mayor’s office, “is that many people in the outer boroughs love him as much as Manhattanites hate him. But even more important is that the city’s builders love him, and they have always elected the mayor in New York City, by funneling more money than anyone else to their chosen candidate. Why do they love de Blasio? Because he doesn’t give a damn about urban planning, density, or architecture. He only cares about more affordable housing. For the builders that means they get to build an extra 20 floors and do it with fewer restrictions.”
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…