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Atlantic Yards/Pacific Park FAQ, timeline, and infographics (pinned post)

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In skeptical look at proposed Penn Station development, NYT says Hudson Yards developer's trying to renegotiate. (What about Atlantic Yards?)

From the New York Times today, Penn Station Plan Makes a High-Stakes Bet on the Future of Office Work, regarding Gov. Kathy Hochul and her Empire State Development (ESD, the state authority that also oversees/shepherds Atlantic Yards/Pacific Park) and their backing for ten mostly office towers  around Penn Station, mostly owned by Vornado.

There are lots of questions around the demand for office towers, especially in this 33-acre site, as well as the tax breaks and financing, which has prompted skepticism from, among others, former MTA Chairman and "wise man" Richard Ravitch.

And at Hudson Yards?

Another reason for skepticism is the very mixed results at Hudson Yards, which awaits a deck over the second half of the project. From the article:
Underscoring the shifting ambitions of Hudson Yards, Related has tried to renegotiate its existing agreement with the M.T.A. for several years, according to two people familiar with the efforts. The developer had pledged to build six residential buildings, parks and a school atop the other half of the project, the Western Rail Yards, by 2025, but it has recently explored other options, including trying to lure Madison Square Garden to the area and obtaining a casino license from the state.

The Times got an obfuscatory, not clear, response from the Hudson Yards developer:

“To be completely clear, we are going to build a transformative development on the Western Rail Yards that brings jobs and inclusive growth to New York City,” said Jon Weinstein, a spokesman at Related.

That leaves a lot of wiggle room.

What about AY?

This raises some questions. Is the developer of Atlantic Yards/Pacific Park trying to, or planning to, renegotiate its obligations with the MTA and ESD, which involve affordable housing by 2025, full payment for development rights by 2031 and project completion, including six towers over the Vanderbilt Yard, by 2035? 

We don't know all of it, but ESD seems distinctly unwilling to enforce the affordable housing obligations, which include some 876 more units by May 2025, and has already backed off the requirement to enforce penalties for the missing (albeit not necessarily missed) Urban Room, which serves the developer and the arena operator. 

Extending the MTA payment schedule and/or the overall project timetable would be an even bigger deal.

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