Avanath finally wises up, in part, updating its 38 Sixth and 535 Carlton websites to say Prospect Heights. Still, "Barclays I" and "Barclays II" remain dubious.

Hey, remember the image at right?

Avanath Capital, which in May bought the two "100% affordable" towers 38 Sixth Avenue and 535 Carlton Avenue from Greenland Forest City Partners, dubiously described the towers as "Barclays I" and "Barclays II," and wrongly stated they were part of the "Pacific Heights" neighborhood.

(Pacific Heights is in San Francisco. The towers are Prospect Heights, part of the project now known as Pacific Park. That project goes unmentioned.)

Moreover, they were so careless that they simply transposed the text from 38 Sixth page to the 535 Carlton page.

Despite the obvious errors that I pointed out, they persisted at least through Sept. 24, the last time I wrote about the towers. That doesn't say much about Avanath's savvy and nimbleness--it's a minor issue compared to running a building.

Also, Avanath seemingly got a bargain, paying $315 million for towers that cost $370.8 million to build. It also erroneously described the towers, which are all rent-stabilized, as including "market-rate" units.

Now updated

Sometime since Sept. 24 they updated the websites, so Barclays I and Barclays II now classify the location as Prospect Heights.

The attribution to Barclays remains dubious because, while 38 Sixth flanks the arena, 535 Carlton is one long block away and has no particular association with it. 

Beyond that, it's not unlikely that, by 2032, the end of the 20-year arena naming rights deal, or sooner--if the arena operator negotiates a buyout, aiming to reap more annual revenue--the arena won't be the Barclays Center, and use of the identifier "Barclays" will be more questionable.

Should they use Pacific Park? Well, "Barclays" is better known. But the adjacent open space--"Pacific Park"--is increasing somewhat with the buildout of nearly-finished 595 Dean adjacent to 535 Carlton. 

Still, the lion's share depends on the construction of a platform over the second of two railyard blocks and then completion of three towers--which remains in doubt and likely wouldn't be finished until 2035 at the earliest.