Kind of strange reference to the #BarclaysCenter and #AtlanticYards #pacificparkbk at #BrooklynMuseum show Agitprop, part of a contribution by the Flatbush and Crown Heights activist group MTOPP. Despite what it says in the display, this project is not the result of a de Blasio up zoning but rather a state override of city zoning. The Brooklyn arena was always supposed to be surrounded by four towers. So he has nothing to do with the future skyline around the arena.
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…