“The owners are committed to the franchise, they’re committed to New York and the great fan base that has followed the Islanders,” Bettman said. “There are some issues about playing at Barclays, it may be fundamental to the ice system. That’s not something that can be fixed in the short term.The problem is that building a new arena is prohibitively expensive, so this is more likely a public joust to either get the building renovated or at least realign the deal with the Barclays Center. As Dan Saraceni of Lighthouse Hockey put it, it's "more of the same."
“I think, as is prudent, Scott Malkin and Jon Ledecky are reviewing the situation and looking very seriously at what their options are.”
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…