During a conference call yesterday with investment analysis, Forest City Realty Trust executives were asked if an apparent agreement to reinstate--not quite; it's pending --the 421-a tax break "changes your view on the potential sale of your interest in Pacific Park or the timing of potential starts there"? David LaRue, CEO of FCRT, did not say anything about the potential sale of the company's interest. (Note that three development sites are up for sale . I don't know if the question related to that announced sales effort or, as it seemed, the potential for Forest City to exit Pacific Park on a greater scale.) LaRue said 421-a "is a very important component for any residential developer... especially if you're going to build any level of affordability into the building." "We don't decide to go forward with buildings just based on 421-a, that helps," he continued. "But I think, as we look at where the market today.... there...
This watchdog blog, by journalist Norman Oder, concerns the $6B project to build the Barclays Center arena & 15-16 towers at a crucial site in Brooklyn. Dubbed Atlantic Yards by developer Forest City Ratner in 2003, it was rebranded Pacific Park Brooklyn in 2014 after the Chinese government-owned Greenland USA bought a 70% stake going forward. In 2018, once the arena & four towers were built, Greenland bought out most of Forest City's stake, then sold three leases to other companies.