Atlantic Yards/Pacific Park Report

A breathless "exclusive" Business Insider article published Dec. 11,  The billionaire owners of the Nets and Liberty plan to launch a media brand around the 'zeitgeist of Brooklyn' in 2025 , relies on five (!) unnamed sources all buffing the same vague but ambitious project. BSE Global's new media brand will focus on "capturing and sharing the zeitgeist of Brooklyn," spokesperson Sheerin Salimi told Business Insider. They're calling it "Brand X" and even considered "Boom," but it's no longer on the table. Much of this isn't new--it started with the purchase (and transformation) of once-indie Brooklyn Magazine (whose editor is gone) and has been amplified in other coverage, including plans for retail and events. Screenshot from Complex The Complex complex What's new is the influence of the youth culture brand Complex , which mixes content, including video, and direct marketing.  They've hired five former Complex st...

Times Plaza, a modest triangle bounded by Fourth, Flatbush, and Atlantic avenues just above the Site 5 parcel occupied by P.C. Richard and the now-closed Modell's, is still in limbo. It was  supposed to be revamped  as partial mitigation for an impact from Atlantic Yards/Pacific Park. but that never happened. Times Plaza today. Photo: Norman Oder Seven years ago (!), in October 2017, I  reported  that the project's main developer, Greenland USA, said open space work at Times Plaza—on about 4,500 square feet controlled by the Department of Transportation (DOT)—might go into construction in the second quarter of 2018.  That didn’t happen. “The developer remains in ongoing discussions with the Department of Transportation,” then-Empire State Development (ESD) Atlantic Yards Project Director Tobi Jaiyesimi said at a  public meeting  in January 2022. What about now? What's the status now? "At this time, there are no immediate construction plans for Times Pl...

Is 595 Dean a "Successful Project"? ( link ) To one real-estate journalist, all looks fine (and supplies fodder to dis Atlantic Yards opponents). But there's more reason for doubt.

In a required document aimed at bondholders, the Barclays Center operating company, Brooklyn Events Center, recently reported, for the third quarter of this calendar year and the first quarter of the new fiscal year, $5.4 million in suite and sponsor installments, and $40.3 million in ticket sales. That's a total of $45.7 million in cash receipts. How does that compare to past results? Well, in Q1 of FY 2024, the period of July through September of 2023, ArenaCo reported $4.8 million in suite and sponsor installments, and nearly $51 million in ticket sales, for a total of  $55.8 million. That's an 18% drop. So suite and sponsor revenues are up, perhaps--and this is total speculation--because of the new clubs (The Row and The Key) that have been carved out of former suite space, and maybe also because the success of the New York Liberty has driven new sponsorships. Ticket sales down But ticket sales are down somewhat, though still nearly double the figure two years earlier. In ...

Last week I published  Making Sense of the 962 Pacific Street Rezoning Story , a couple of weeks after the New York Times published two online articles about the failed rezoning effort for that Crown Heights lot, but just before the Times published the package in print . So this post repurposes some of that long article. One lesson from some past spot rezonings, as I reported, is that the applicant, often spouting promises of community commitments, is not looking to (or even able to) build, and plans to sell the property once a lucrative rezoning as been achieved. “What we're trying to do… is work with all of you so that we can maintain control over our property, and that we could then bring in somebody, a developer, that echoes the same values we have and that the community has,” property owner Nadine Oelsner told Brooklyn Community Board 8. Would the Oelsners maintain a majority ownership in a joint venture? “We pray to God," she responded, "we can keep this property an...

(Bi-)Weekly Digest: The Strains of Gentrification ( link ) What a stymied rezoning (badly reported by the NY Times) and a new book have in common. Also, more Brooklyn ambitions for BSE Global.

OK, so that New York Times coverage of the 962 Pacific Street rezoning saga, which I wrote about at length yesterday in my newsletter, Making Sense of the 962 Pacific Street Rezoning Story , now appears, in significant part, in tomorrow's print Metropolitan section, which is delivered with the Saturday paper. Except "Two Buildings Were Planned, But Only One Was Erected," published online as Two Apartment Buildings Were Planned. Only One Went Up , gets a lot of wrong, notably the discussion at Brooklyn Community Board 8, which successfully negotiated for more affordable housing that the developer proposed--or was disclosed in the Times.  Please take a look at my coverage .

Making Sense of the 962 Pacific Street Rezoning Story ( link ) The New York Times wrongly posited a NIMBY backlash, missing the Community Board's affordability gain, and downplayed reasons for skepticism. But yes, it was Council Member Hudson's call. From the article: Why should I write about a New York Times series on the “affordability crisis,” which included two articles chronicling 962 Pacific Street, an empty lot that might have delivered a new 150-unit building with affordable housing in Crown Heights? Because 1) yes, it’s Atlantic Yards-adjacent, in a few ways; 2) the Times got some key things wrong; and 3) such coverage furthers the simple  “build more homes” narrative . As the only reporter to steadily cover 962 Pacific, I know the story of this failed rezoning is far more complicated—and strange—than presented. Notably, Brooklyn Community Board 8 didn’t offer knee-jerk opposition, but successfully negotiated more affordable housing than landowner Nadine Oelsner initia...

In October, I cited ( link ) a Bloomberg report that BSE Global, the holding company for the Brooklyn Nets, New York Liberty, and Barclays Center operating company, would launch the Brooklyn Wine Club, which promises "A New Experience in the World of Wine" or, as the publication put it, "education and conversations with sommeliers at Barclays and possibly other venues." Well, it's a lot more ambitious, billed as "A new wine experience where luxury and lifestyle are intertwined." Based on the homepage graphic, it looks like they're aiming at a well-heeled, younger, multicultural crowd (which would rather not go to a local wine bar or restaurant?). Membership includes access to: Member-Only Events Invitations to Uncork & Dine gatherings Immersive Global Wine Journeys Wine at Work sessions Special Member Discounts & Perks The cost: a cool $1,500 a year, plus a $250 initiation fee, though Nets and Liberty season ticket members may get a prefe...

So single-game tickets are now available for the 2025 New York Liberty season and, yes, some prices are pretty high for the 2024 WNBA champions.  I checked a couple of games yesterday and today and saw 1) a big spread and 2) some lower-priced tickets already off the table. For the May 17 finals rematch against the Las Vegas Aces, a standard ticket starts at $125.85, while resale tickets start at $118.58. Note: in this game, and the others I checked, they're not selling the whole Upper Bowl (which not long ago they weren't even trying to sell). It looks like they're omitting certain sections. notably 201-204 and 228-231, as well as 205, 211, 221, and 227. Perhaps those seats will become available, as needed. For a May 27 game against the expansion Golden State Valkyries, a standard ticket starts at $49.30, while resale tickets start at $41.14. For a June 1 game against the Connecticut Sun, a standard ticket starts at $44.15, while resale tickets start at ...

A conversation with Gabrielle Bendiner-Viani, whose new book significantly chronicles Prospect Heights, with Atlantic Yards as a backdrop. From Common Edge : A diner where the proprietor welcomes all. A neighborhood tradition of sharing clothing on fences. A donut shop that lets an immigrant community hang out. A supermarket that serves as a community anchor. These places are evoked in Gabrielle Bendiner-Viani’s recent book, The Cities We Need: Essential Stories of Everyday Places (MIT Press). A bodega replaced by a craft beer bar. Photos: Gabrielle Bendiner-Viani Another excerpt: NO: I want to play devil’s advocate. You call what happened to Vanderbilt Avenue and Prospect Heights a manmade disaster. As you know, I’m a skeptic about Atlantic Yards, but I do meet people who say it’s great to have more people in the neighborhood, more stuff. So I assume you’re channeling the people who feel a sense of loss. GBV: I think that displacement is real. You have more people, but where it used ...

A Nov. 26 New York Times article,  5 Ways to Fix New York City’s Housing Crisis , quoted various experts, including former deputy mayor Alicia Glen, now managing principal at the real estate firm MSquared : She said the city needs to focus on the “small and practical” things, like regularly pursuing big neighborhood rezonings to make way for more density and negotiating better prices with landowners and contractors for affordable housing development. She said the city should spend more on subsidizing mixed-income housing developments and not just developments that target only low-income people. Among 51 comments, the eighth most recommended was this one , from Eve Salinger: Re: Alicia Glen's point about small and practical - more that 3000 units of housing - including 800 affordable - have yet to be built on the Atlantic Yards site, a 20 year old project that has received hundreds of millions in subsidies and little oversight. If developers are to be given increased subsi...

In case you hadn't noticed, snackmaker Wise is the official chips of the Brooklyn Nets--and more. Sports Business Journal reported in June that the three-year deal also involves the New York Liberty and the Barclays Center arena, and "includes Nets and Liberty indicia on packaging, point of sale and possible player involvement." As you can see from the photo showing the Ticketmaster Plaza fenced off in preparation of an evening event, this "civic" space also is a significant revenue producer for BSE Global, which operates the arena and owns the teams.

The Barclays Center yesterday released its December 2024 calendar of events: 15 ticketed events including five Brooklyn Nets games, two college basketball tournaments, and eight concerts--but no New Year's Eve show. Last December, there were  16 ticketed events , including one wrestling show and and a New Year's Eve concert. See below. As I wrote, that was a significant improvement over  December 2022 , which had only eight ticketed events, including one concert. Should that be attributed to  the switch  from SeatGeek to Tickemaster? A declining  honeymood period  for the UBS Arena in Nassau County? More details Note that two Shakira concerts planned for this Dec. 6 and Dec. 7 were  cancelled , but those dates were then filled by two concerts from Usher, who had  already performed  four times at Barclays in September. The month includes the inaugural Women’s Champions Classic , a doubleheader featuring women’s college basketball teams from UC...

Weekly Digest: a Shifting Zeitgeist on Development? ( link ) Also, lingering questions about Atlantic Yards, and a big move by arena operator BSE Global into a Brooklyn icon.

It's notable that the WNBA's New York Liberty, which first played in Brooklyn in 2021 and won a championship this year, have had an easier welcome than the Brooklyn Nets, which debuted in 2012 and have gone through numerous ups and downs, including changes in players, coaches, ownership, and sponsors. Photo of New York magazine print issue So there you have it, in New York magazine's recent holiday season gift guide , a recommendation, among 95 gifts under $50, for a Lady Liberty Tee, featuring mascot Ellie the Elephant, "arguably the most famous member of the WNBA team." It's only $38, at the New York Liberty store. A month ago, New York recommended  an Ellie costume for Halloween. Let me quote: As the New York Liberty’s Ellie the Elephant danced her way to stardom, she proved that mascots don’t have to be corny. She’s been written up twice by Vogue and has a keen eye for fashion, not to mention her own stylist. She’s even been seen carrying a Telfar bag ....

So, was The Brodsky Organization or TF Cornerstone going to partner on the B5 tower, the first tower over the Vanderbilt Yard? B5, center-left, plus (built) B4. Dattner Architects Would that firm have joined Greenland USA on all railyard sites? Those are "what-if" questions that are probably moot--except that one or the other might emerge as a partner on Site 5, the remaining parcel Greenland controls. From a September 2022 letter to the Metropolitan Transportation Authority from Greenland USA President Gang Hu regarding plans--pre-foreclosure, of course--for B5:  "We have also notified both the MTA Parties and ESD [Empire State Development] of our intent to develop the B5 Building with a partner that has experience at Pacific Park but will not be able to invest in the project unless it is assured that it can complete the B5 Building prior to the 2026 [421-a tax break] deadline." That deadline has been extended, but that's not an issue now, since rights to the ...

Interestingly enough, the Empire State Development page ( link ) for Atlantic Yards, under the umbrella of the Atlantic Yards Community Development Corporation, recently added a copy (also at bottom) of the Oct. 25, 2021 Interim Lease for Site 5, the parcel across Flatbush Avenue from the Barclays Center.  From AY CDC web site The key contents of the lease were disclosed Aug. 1 when I wrote about pending plans for an even larger two-tower project at that site, long occupied by the big-box stores P.C. Richard and the now-closed Modell's. But there are some details worth noting. The P.C. Richard deal First, the document confirms that the lease with the state proceeded on the same day developer Greenland USA had entered into a Purchase and Sale Agreement with P.C. Richard's parent company, gaining the right to purchase the property. (That has not proceeded yet.) Greenland also agreed "to design and construct a retail condominium unit within the new building" at Site 5,...

Flashback: "Atlantic Yards Is ___"? ( link ) The gnomic question persists. A look at many changes. Photo: Tracy Collins

BSE Global's pursuit of an "ecosystem" of assets in Brooklyn ( link ) continues, with the surprising-but-maybe-not acquisition of the landmarked retail space in the base of the historic Williamsburgh Savings Bank tower at One Hanson Place. It's barely five minutes by foot--though with busy Flatbush Avenue and the Atlantic Terminal shopping mall as barriers--from the Barclays Center. As the Real Deal reported , based on the scoop from PincusCo, BSE Global--which owns the Brooklyn Nets, New York Liberty, the Barclays Center operating company, and more--paid "$10.3 million" for that gorgeous vaulted space in a foreclosure auction. (The price, according to city records, was $10,265,275.)  The tower, for some 80 years the tallest building in Brooklyn at 512 feet but since eclipsed by many new towers, was an office building, with a bank at the base until 2006, after which the office space was converted to condos.  The cost, via ACRIS (Here's Brownstoner's...

Weekly Digest: Community Engagement or Developer Engagement? ( link ) Set to approve "permitted developer," Empire State Development says it will launch outreach regarding six tower sites over railyard. But Related's already been lobbying.

This is the second of two articles on the Nov. 14  meeting  of the advisory Atlantic Yards Community Development Corporation (AY CDC). The first  concerned the emergence of a "permitted developer" for six tower sites and questions about enforcing the affordable housing deadline. A main topic of the meeting, vaguely billed as "Community Engagement," suggests that Empire State Development (ESD), the state authority that oversees/shepherds Atlantic Yards/Pacific Park, is moving ahead with plans regarding the six towers (B5-B10) over the  Metropolitan Transportation Authority’s two-block Vanderbilt Yard. Remember, as I reported yesterday, a "permitted developer"--a joint venture involving Hudson Yards developer Related Companies and two financial partners--is about to take control over those development rights, below Atlantic Avenue between Sixth and Carlton avenues. Thus, ESD will seek public input to either 1) help shape the project's future (at the mar...