Atlantic Yards/Pacific Park Report

Related in talks to take over Pacific Park megaproject , the Real Deal reported last night, noting that The Related Companies, having built (the first half of) Hudson Yards, has experience decking over below-grade railyards. TRD couldn't get any more details. Related, a privately owned company, as of 2023 was the ninth-largest owner of apartments (75,023) in the country. It would presumably buy development rights--or, more precisely, the entities, in foreclosure, that can control development rights--to six towers over the Vanderbilt Yard, approved for some 3.5 million square feet of development. Questions pending What's unclear, for now, is what concessions Related would request from Empire State Development (ESD), the state authority that oversees/shepherds the project. As I wrote on Twitter/X, it shouldn't be behind closed doors. ESD said last week it was expecting a proposal from the "lender"--actually the middleman "regional center" that recruited

In a previous version of the graphic describing plans for Atlantic Yards/Pacific Park, below, I assumed that the B5 tower, the first built over the railyard, would contain 30% affordable units at 130% of Area Median Income (AMI). Hence the green and red shading indicating a 70%/30% breakdown. After all, that reflected predictions from the Downtown Brooklyn Partnership, as I wrote in December 2022, as the building--as with B4, B15, and B12/13--would take advantage of the 421-a tax break which, allows 130% AMI units as long as 30% of the total apartments are below-market. Outdated graphic by Ben Keel & Norman Oder That won't happen, though it's the deadline hasn't yet expired. Because the building (apparently) had foundations installed by June 15, 2022, it could qualify for the 421-a tax break as it existed then, but only if it were completed by June 15, 2026. That deadline won't be met without 24/7 construction and a miracle. Building even a piece of the platform, p

One of the biggest contributors to traffic and sidewalk snags near the Barclays Center is the presence of an uber-popular Chick-fil-A, where deliveristas wait outside in massive numbers, on Flatbush Avenue just past Pacific Street, opposite the arena.  How, according to Crain's NY Business, another Chick-fil-A, the second in Brooklyn, will be coming to The Axel, 809 Atlantic Avenue at the northeastern corner of Vanderbilt Avenue, catercorner from the MTA's Vanderbilt Yard and the future B10 parcel of Atlantic Yards/Pacific Park. It's also directly across Atlantic from a drive-through McDonald's that has been embroiled in a lawsuit with its landlord over a future residential tower approved there, 840 Atlantic. The new Chick-fil-A should reduce some some of the craziness around the Flatbush Avenue version, but, perhaps, introduce some craziness of its own. The timing for the opening wasn't stated. Along with the restaurant, the non-residential space will also include