That makes it hard for the Nets to truly begin a long-term rebuild until 2019, when they finally have control of their picks again (that is, unless they can convince multiple stars to come to play for them in 2018, when they currently are on pace to have less than $20 million in committed salaries on their books). Given the lack of incentive for stars to come play in Brooklyn, as well as the methodical approach being implemented by General Manager Sean Marks and Coach Kenny Atkinson, it seems unlikely any kind of quick fix will be attempted.
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…