Atlantic Yards/Pacific Park Report

Former Brooklyn Assemblyman Roger Green, who served from 1981-2007 and represented the proposed Atlantic Yards footprint when the project was announced and let the push for a Community Benefits Agreement (CBA), is back in the news. As NY 1 put it Dec. 16,  Former Brooklyn assemblyman urges Mamdani to address displacement of Black residents . I'll describe Green's recent proposals below, but first note that, while suggesting various solutions, he didn't mention the promise, albeit fuzzy , of 600 to 1,000 affordable for-sale units in the Atlantic Yards project, on or off site, later updated to a promise of 200 on site . That requires subsidies. Given that the promise was incorporated into the CBA, I wouldn't be surprised if Green revives it. The issue's back At a meeting earlier this month of the Atlantic Yards Community Development Corporation (AY CDC), Ismene Speliotis, the key architect of the Atlantic Yards Housing Memorandum of Understanding (MOU) that origin...

 What I Noticed at the Barclays Center ( link ) "The Fighting Spirit of Brooklyn" (via Modelo), a Coney Island boardwalk homage (!), and the obscured Meditation Room. (Authenticity?) Plus unsurprisingly pricey concessions. 

Forbes on Dec. 17 placed BSE Global's New York Liberty at the top of its first-ever list of  The World’s Most Valuable Women’s Sports Teams 2025 , with a valuation of $400 million. In May, the Liberty raised an ownership stake at record $450 million valuation, according to sources , which might means the number's a bit fuzzy. It's worth noting that the Liberty's reported revenue was $25 million, while the second-place team, the WNBA's Indiana Fever, were valued at $370 million but reported $32 million in revenue. Forbes did not value the WNBA's new Golden State Valkyries but noted the team was already projecting at least $55 million in revenue just from sponsorships and ticket sales, putting aside media rights and other income streams. So presumably the Valkyries will top the list next year. Peng Yang, CEO, Ant International & Clara Wu Tsai, Vice Chair, Brooklyn Sports & Entertainment; Governor, New York Liberty The Alibaba connection Remember how, in J...

Can Public-Private Development Projects Be Fixed? Well, Maybe. ( link ) But it requires better monitoring, new procedures (approve in phases?), and better execution. Plus, legislators and the public must step up. The press, too. 

Previewing Panel on "How to Fix Public-Private Development" ( link ) One of the panelists wrote "No More Atlantic Yards!" Well, some things might be done now, but it takes political will.

Workshop on Public Realm, Retail, and Community Facilities Crowdsources Input, but Some Big Gaps ( link ) Would "signature open space" be "transformative," given boost in apartments? How long would it take? What about loading docks, parking issues, Site 5 retail/hotel (& LED lighting), and value of arena plaza?

Early December Digest and Workshop Preview ( link ) Bigger buildings, more open space proposed. Design changes aimed to speed construction. Doubts about affordability. What public resources sought? Tonight, public input on streetscape, retail, etc. 

So, are any of the various "Brooklyn Ascending" ownership entities--ten of which are apparently part of the Atlantic Yards deal, as I wrote --involved in any property transactions? Yes, indeed, according to the city's Automated City Register Information System (ACRIS) database, with transactions involving the parcels on the Vanderbilt Yard. From REO to Mezz For example, one recent  document  memorializes a transfer from Brooklyn Ascending REO JV to Brooklyn Ascending Mezz.  REO JV, the grantor/seller, may involve the U.S. Immigration Fund (USIF) and Fortress Investment Group, which held collateral to six railyard (B5-B10) sites after developer Greenland USA defaulted on loans from immigrant investors under the EB-5 investor visa program. That default led to a foreclosure, with Cirrus Workforce Housing ultimately taking over financial control of the project, with a USIF affiliate and Fortress remaining passive partners. The grantee/buyer, Brooklyn Ascending Mezz, likely re...

At Advisory Board Meeting, New Focus on Affordable Housing ( link ) Negotiator of original ACORN housing deal points to unmet promises regarding level of affordability and family-sized units. What are the costs to make it work?

I recently wrote : Does anyone, outside of the principals, know the ownership stakes in Brooklyn Ascending Land Co., LLC, the legal entity that apparently owns Atlantic Yards while the “permitted developer,” a team involving funder Cirrus Workforce Housing and the development company LCOR, steer the project? Well, I haven't been able to drill down on that. But I have found, in both New York State and Delaware databases, a good number of entities that seem to have a role in the project. In New York A search of the Division of Corporations of New York State's Department of State turns up three limited liability companies (LLCs) with the name "Brooklyn Ascending" as part of their name. (For the purpose of acronym avoidance, I'm cutting "LLC" from their formal names.) Well, Brooklyn Ascending Developer (formed 5/8/25) and Brooklyn Ascending Site 5 Developer (formed 9/9/25)  are both domestic limited liability companies (LLCs). They're represented by the...

As Developers Propose Much Larger Buildings, Their Renderings Distort Reality ( link ) Images downplay proposed changes while inflating what's been approved. The claimed 20% increase in bulk translates to 46% at the railyard but 71% at five sites (or 99% at four?).  

Questions for the Atlantic Yards CDC Meeting ( link ) Was the "Feasible Alternative" depicted feasibly? (Not quite.) Do new developers seek just a 20% increase in bulk, & should they get it for free? Why no plans for lower-income units?