PROSPECT HEIGHTS — The cheesesteak shop that claims to serve the city's only authentic version of the Philly favorite is opening its first Brooklyn location.Broker Adam Malitz offered an interesting quote: "[Shorty's NYC] sought an area that reflected its dedication to authenticity, and the landlord [Pintchik Associates] is committed to cultivating an eclectic tenant mix in this rapidly rising neighborhood."
Shorty's NYC will move into 229 Flatbush Ave. between Bergen and Dean streets in 2016, real estate brokers Lee & Associates NYC LLC announced Tuesday.
Shorty's NYC says its cheesesteaks taste like the real thing because they're made with bread shipped directly from Philadelphia, according to the mini chain's website.
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…