In a letter scheduled to be sent Thursday to Alicia Glen, deputy mayor for housing and economic development, several liberal groups said her approach to housing didn’t include enough units for the lowest-income New Yorkers.
“So far, your housing policies have largely failed to address the needs of the lowest-income residents, many of whom face homelessness and a frightening future in shelters,” said the letter, which was signed by six groups, including New York Communities for Change and the Black Institute.
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…