Mayor Bill de Blasio did not have a stellar time at the 2016 Democratic National Convention in Philadelphia, as he was relegated to a non-prime time speaking spot. Lingering questions about the city's property dispositions and staff departures further cloud his mayoralty.
Still, he must have breathed a sign of relief that the DNC had not come to the Barclays Center in Brooklyn, as he and a host of allies advocated, since it likely would have been a logistical mess.
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…