Atlantic Yards/Pacific Park Report

Weekly Digest: In Philadelphia Arena Analysis, Misreading Brooklyn ( link ) Also: landlord Avanath, after I wrote about "absurdly priced" rents at "100% affordable" buildings, reverts to what city documents seem to require.

The September 2024 calendar ( link ) circulated by the Barclays Center to neighbors should be updated. According to the arena, an additional concert was added for the month of September, based on a belatedly announced tour . DATE EVENT DOORS OPEN EVENT BEGINS EVENT ENDS MONDAY, SEPTEMBER 16, 2024 LINKIN PARK 6:30PM 7:30PM   11:30PM The original total was 18 ticketed events: twelve concerts, four WNBA New York Liberty games, and two Hot Wheels Monster Trucks Live Glow Parties. Now there are 13 concerts and 19 ticketed events. Additionally, two home playoff games for the New York Liberty, seeded first in the WNBA, should be added for the last week of the month, once an opponent is determined. The tickets, albeit without a date or opponent, are already on sale .

Apparently, the entities--more on that below--controlling the collateral backing the Atlantic Yards EB-5 debt, the U.S. Immigration Fund (USIF) and Fortress Investment Group, are expected to partner ( link ) with the Related Companies on a joint venture to develop six development sites over the Vanderbilt Yard. But how did this happen, and who exactly is involved?  We know that master developer Greenland USA borrowed $349 million under the  EB-5 Program , in which immigrants investing in a purportedly job-creating enterprise offer low-interest loans in exchange for green cards for themselves and their families The loans were organized by the USIF, a business known as a regional center, which recruited the investors, in two tranches, $249 million and $100 million, marketed as "Atlantic Yards II" and "Atlantic Yards III." (The nomenclature is because there was a previous round of EB-5 funding, organized by the separate New York City Regional Center, for $228 million,

In recent weeks I've written about the possible--er, likely--extension of the You Belong Here"/"We Belong Here" neon art (or is it marketing?) installation outside Barclays Center past the end of 2024, which is three years and two months after it was installed on a "temporary" basis. It was installed by the Joe and Clara Tsai Foundation's Social Justice Fund, launched by the owner of the Brooklyn Nets and arena company in the wake of 2020 protests, with a purported $50 million commitment over ten years. The signage, to me, serves both as art and advertising, as I wrote for The Indypendent in December 2021, encouraging people to buy tickets for arena events. If it's also supposed to be a "visual reflection" of the couple's philanthropy, as explained below, it's likely they'd want it up for a full decade. Getting to an extension An extension is apparently an internal decision by Empire State Development (ESD), the state authorit

OK, this is interesting. Screenshot Aug. 10, from Apartments.com In mid-August, I wrote ( link ) about landlord Avanath Capital's apparent effort to rent 2-BR apartments at 38 Sixth Ave. and 535 Carlton Ave., two "100% affordable" buildings within Atlantic Yards/Pacific Park, for $5,483. That astounding figure  prompted confusion on Reddit, with a poster calling them "absurdly priced." The advertisements on Apartments.com, which also reflected the rent levels at one point advertised on each building's website, also sought $4,274 for 1-BRs and even studios. I couldn't figure out what was going on. Had Avanath, the California-based firm that bought both buildings in 2022, figured out how to legally game the rent-stabilization system? Was it violating an agreement with the city, which seemingly required rents starting in 2017 at $3,206 (2-BRs) and $2,663 (1-BRs) to rise according to the modest increases from the Rent Guidelines Board? Or perhaps it was som

Does the Barclays Center Offer Lessons for Philadelphia Arena Planners? ( link ) Yes, but the Community Impact Analysis relies on flawed articles and flattering photos. It omits the arena's expanded promotional canvas and the real story of the green roof.

The increased popularity of the WNBA (featuring marquee rookies like Caitlin Clark) and league-leading New York Liberty has led the team to open up Upper Bowl seats in the Barclays Center for every game (and an average attendance of 12,646 , second in the league, a 60% jump over last year). Numerous sports celebrities were in the audience yesterday. It's also led the team to increase ticket prices significantly for next year. A letter from CEO Keia Clarke claims the decision "is based on what the market is calling for and we believe it will ensure tickets belong to the most loyal Liberty fans."  What? Well, she said "prices for the Upper Bowl will start at $25"--it's unclear what seats and for what games--and that "our longest-tenured season ticket members in non-premium seats" will see per-game price increases capped at 25%.  That means season ticket holders for four years or a more, according to Sports Business Journal, a very small group. (Th