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Atlantic Yards/Pacific Park infographics: what's built/coming/missing, who's responsible, + project overview/FAQ/timeline (pinned post)

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Would Greenland develop Site 5 or sell development rights after new approvals? Well, they've sold (3.5 of) the last 4 sites. Why not Related? Or: Brodsky, TFC.

At a recent meeting of the advisory Atlantic Yards Community Development Corporation (AY CDC), Empire State Development was invited, in a curiously orchestrated sequence ( link ), to solicit a new plan for developing Site 5, catercorner to the arena, from current master developer Greenland USA. Remember, in 2015-16, Greenland Forest City Partners--that's when original developer and joint venture partner Forest City was involved --proposed a giant, two-tower project at the site, currently occupied by the big-box stores P.C. Richard and the now-closed Modell's. A 250-foot, 439,050-square foot tower had been approved, but the developer wanted to move the bulk from the unbuilt flagship tower, B1 (aka "Miss Brooklyn") across Flatbush Avenue to create a much larger project, up to 785 feet tall and 1,142,052 square feet. Upcoming changes? That pending plan likely would be further revised and likely expanded by Greenland USA--or, perhaps their new partner or successor, whoeve

Greenland paid the MTA for Vanderbilt Yard development rights through June 2023. Now it's a mystery. Is all stalled until Related makes its bid?

Developer Greenland USA is current on payments for Vanderbilt Yard development rights--well, sort of. Greenland, through June 2023, had paid the Metropolitan Transportation Authority cumulatively $96 million towards development rights towards six towers over the MTA's Vanderbilt Yard, with an additional $77 million due, in annual $11 million increments, by June 1, 2030. That's per a schedule outlined in 2009, when original developer Forest City Ratner renegotiated the original 2005 pledge of $100 million into $20 million for the railyard parcel needed for (part of) the arena block, and $80 million for the remainder, payable through 2030 at an implied 6.5% interest rate, which one analyst called "a real coup."  By my estimate, as explained below, the payments may have been enough to purchase the rights to build the first three towers, with the remainder should cover the final three towers.  It’s unclear whether Greenland can realize any value for that investment, giv

Downtown Brooklyn Partnership claims (nah) city & state governments have already funded platform over LIRR railyard, claims $686M (!) in arena public support.

Downtown Brooklyn Partnership growth map; Atlantic Yards/Pacific Park is at right The Downtown Brooklyn Partnership (DBP), the "not-for-profit local development corporation that serves as the primary champion for Downtown Brooklyn as a world-class business, cultural, educational, residential, and retail destination," recently released DOWNTOWN BROOKLYN: 20 YEARS OF GROWTH . It's an interesting project, using maps and graphics to show the remarkable transformation of the area--not just the rezoning area--since the 2004 Downtown Brooklyn rezoning, with 32 million square feet of new development. What shocked me was the claim, discussed further below, that city and state governments have already funded the platform, which I first suspected was an inadvertent disclosure of an upcoming subsidy but turned out to be a bogus overreach.  From DBP report Also, it was surprising that the DBP, rather than trying to minimize--as is typical for boosterish business groups--the public s

Related Chief Executive Blau: talks regarding Pacific Park "have a lot of moving parts," but "could be a great opportunity."

A July 11 Wall Street Journal exclusive, Stephen Ross Is Launching His Second Act at 84: A New Florida Real-Estate Firm , describes how "Related’s founder and chairman is stepping down and taking Palm Beach properties to his new company." Related, a privately owned New York-based firm founded by Ross 52 years ago, began by building affordable housing, then took on larger projects, like Hudson Yards, built over railroad tracks on Manhattan's Far West Side. The firm, which has a whopping $60 billion worth of completed and ongoing projects, is seeking to build a casino and much more in the second half of Hudson Yards. It will be led by a triumvirate, including Chief Executive Jeff Blau. About Pacific Park The article also adds slightly to news The Real Deal broke a week earlier, about Related's interest in Atlantic Yards/Pacific Park: Related also has been trying to take advantage of the increasing distress in the commercial-property market. For example, the firm is in

What happened last Sunday around Barclays Center? Arena says a fraction of "20-30 buses" for Catholic service parked nearby. Videos show 60+, many idling.

A hydrant on Flatbush Avenue Last Sunday, I heard reports of buses parked around the Barclays Center, and a neighbor shot video and shared it with me, showing dozens of buses, some of them idling illegally, with a few blocking hydrants, bus stops or (partial) crosswalks, as well as double-parking.  Oddly enough, the arena had not announced an event in its July event calendar circulated to neighbors. Nor had it sent an update. But the videos, as shown below, indicate widespread idling, which is prohibited for more than three minutes. (My source says buses were still idling on a second walk-through.) A Catholic service A search on Twitter/X turned up a post from the Diocese of Brooklyn stating, in the associated image (below left), "Brooklyn is Proud to Host Eucharist in the Barclays Center." I saved the image. (Here's  background  on that Catholic ritual and service. T he event was well-attended, with the arena's upper deck occupied if not full, from this  Instagram