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

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Before platform's purported start in 2022, Chinese Consul General visited 18 Sixth, praised "fabulous project," called Pacific Park a U.S.-China "win-win"

Things were rosier in March 2022, right? 

That's when a group of dignitaries including Huang Ping, the Chinese Consul General in New York, apparently visited 18 Sixth Avenue (B4, aka Brooklyn Crossing), co-developed by Greenland USA--a subsidiary of the Shanghai-based Greenland Holdings Corp.--with The Brodsky Organization. The latter seems solely responsible for marketing the rentals. 

"Encompassing 15 buildings that will be surrounded by an iconic 8-acre park, Pacific Park is a new community and offer a wide range of housing choices with 2250 affordable homes in the heart of Brooklyn," wrote the Consul General on Twitter, seemingly channeling a public relations statement. "Thanks to Greenland USA, they have been building such a fabulous project!"

The attached images included a rendering of the 858-unit B4, which contains 30% middle-income "affordable units," plus a photo.

Spinning optimism

Even then, that statement was over-optimistic, given the delays in the project, and the increasing unlikelihood that the developer could complete the remaining 877 (or 876) affordable units by the May 2025 deadline. 

But at least the first phase of the platform over the Vanderbilt Yard--slated to support three towers--was supposed to start later that spring. It never launched, leaving clouds and questions over the project.

Earlier this month, local activist Gib Veconi, a member of the (purportedly) advisory Atlantic Yards Community Development Corporation skeptically tweeted about the impossibility of meeting the affordable housing deadline, and the absence of--and deep doubts about--that "iconic 8-acre park," which, of course, is publicly accessible open space, not a public park overseen by the New York City Parks Department.

Visiting the tower

A follow-up tweet from Huang Ping in March 2022 showed photos inside Brooklyn Crossing, with Greenland USA executive Scott Solish, plus a photo of an exterior terrace and another photo looking east at the two-block railyard, which at the time, was slated for a platform.

Contributing more or making business decisions?

"Wish Greenland USA would contribute more to the city and its people"? Was that simply an encouragement to proceed with this project? To invest in new projects? 

After all, Greenland has been withdrawing from its projects in the United States, selling portions of its Metropolis development in Los Angeles at a loss, and selling development rights for, so far, three full development sites (B12, B13, B15) in Atlantic Yards/Pacific Park, and part of the B4 parcel. 

That could potentially pay for the platform or, perhaps, pay off other obligations.

Greenland, of course, is an economic actor, making decisions based on its available investment assets, the cost of capital, and its myriad obligations. It's not a charitable endeavor. 

Indeed, one question looming over the long-pending plan for a larger development at Site 5 is whether Greenland would, upon gaining New York State approval for the transfer of development rights once slated for the (unbuilt) B1 tower (aka "Miss Brooklyn"), build a two-tower project at Site, longtime home to the big-box stores P.C. Richard and (now-closed) Modell's, or sell the development rights, worth perhaps $300 million. 

Upon the announcement of the Greenland-Forest City deal in November 2013, the parent company's chairman unwisely predicted that the project could be finished in eight years. Now, the 2035 "outside date" may be a best case scenario, as disclosed in 2018 to condo buyers.

Greenland entered Brooklyn in 2014,  and only in the early years, if I recall correctly, was its development activity seen as furthering China-U.S. relations. The Deputy Consul General attended the December 2014 groundbreaking for the "100% affordable" 535 Carlton, a time when original developer Forest City Ratner was expected to be a substantial minority partner.

It took less than four years for Forest City to essentially exit the project and for its parent Forest City Realty Trust to be absorbed by Brookfield.

China-U.S. relations?

Veconi further tweeted a suggestion that opposition to Chinese purchase of U.S. farmland and receipt of subsidies should generate concern about "Chinese ownership of subsidized development rights over a Brooklyn rail yard?"

Indeed, what's the logic to bail out Greenland (or any other owner)--as has been hinted by a representative of Empire State Development--from that looming 2025 affordable housing deadline, which comes with $2,000/month fines for each missing unit?

Does Greenland's investment, or hesitancy thereof, say anything about U.S.-China relations? 

Maybe, but I suspect it says more about the relationship the developers and their lobbyists have with Gov. Kathy Hochul and Empire State Development, which, as with predecessor administrations, seems wary of pushing developers to fulfill their obligations.

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