The 22-acre area defined by Vanderbilt Avenue, Atlantic Avenue, Flatbush Avenue and Dean Street, has been eyed for a transformation since the 1950s. The rail yards, weeds, garbage and a couple of unkempt buildings stood out among the homey, brick town houses and apartments that surrounded the section.Um, no. And no. And no. And no.
Everything from a new stadium for the Brooklyn Dodgers, to apartments for low income New Yorkers were proposed. However, a lack of capital and disagreements from the community, state and other parties kept the neighborhood’s upgrade in limbo.
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…