Atlantic Yards/Pacific Park Report

OK, it's time for the annual look at the foregone property taxes for the Barclays Center and the other major New York City sports venues.  While the non-paid taxes for the Brooklyn arena had risen from $53.7 million to $123.6 million, as of last year, as I  reported , this year, there's been a slight reversal, to $122.7 million, as indicated in the screenshot below, according to the New York City Department of Finance's  Annual Report on Tax Expenditures . That, of course, dwarfs the $5 million a year "invested"  since 2020 by the Social Justice Fund of the Joe and Clara Tsai Foundation, the philanthropic venture of the arena company owners By contrast, as shown in the screenshot below, the tax exemption for Citifield, home of the New York Mets, rose from $159.7 million to $165 million and the exemption for Yankee Stadium (NYC Dept. of Parks and Recreation), home of the New York Yankees, rose from $129.5 million to $133.3 million. They get their tax break via th...

As we wait for the Draft Community Engagement Report to be released ahead of the two meetings on March 19, first the Atlantic Yards Community Development Corporation and then a fourth public workshop, Empire State Development (ESD), the state authority that oversees/shepherds the project. has posted the online survey questions as a document (also at bottom). Survey responses, as well as public responses at the three previous workshops, should inform the report. As I wrote Nov. 19, citing the excerpt below,  there’s been no proposal yet of an alternate way to deliver public benefits without acceding to the developer’s blueprint—or of third-party experts to vet the validity of the plans.  Since then, the lack of details--height of the buildings? rendering of the proposed plan? requested subsidies?--have been absent. So it's not likely that they'll be in the report, which may be issued today or tomorrow to allow for a minimal opportunity to digest and respond before the meetin...

Just today, with less than a week's notice, Empire State Development (ESD), the state authority that oversees/shepherds Atlantic Yards, has announced a meeting on Thursday, March 19, of the advisory Atlantic Yards Community Development Corporation (AY CDC). That meeting, at 3 pm, starts just hours before the fourth of four public workshops , which will be held online  at 6:30 pm . Ahead of this meeting, though  the timing is unspecified, ESD will release the Draft Community Engagement Report on its website . The report summarizes key themes and insights from the first three public workshops and the online survey. As I wrote, my bet is the report will be used to ratify the new developer's request for an additional 1.6 million square feet of bulk, worth perhaps $320 million, as needed to deliver promised open space and, as of now, unspecified amounts of below-market affordable housing. The Draft Report will be posted on the ESD website along with an online form for people t...

In Aborted Live Nation Antitrust Trial, the Barclays Center Has a Key Cameo ( link ) Arena's former CEO alleges "veiled threat" from Ticketmaster parent, which later bypassed Brooklyn for certain concerts. Trump's DOJ settles; states resist.

In its first major new initiative in a while, the Joe and Clara Tsai Foundation's Social Justice Fund yesterday  announced  a new citywide small business loan program, a partnership with The Asian American Foundation (TAAF), Chinatown-based Renaissance Economic Development Corporation, and the State of New York. The  NYC Elevating Business Loan Program , a $5.5 million initiative, includes $1 million from the SJF, $500,000 from TAAF, and $4 million from Empire State Development (ESD), the state's economic development authority. (It's also the Barclays Center's landlord, given a tax-exempt site.) Loans, at 8%, can range up to $100,000, coupled with free financial counseling and multilingual training services, in Chinese, Korean, and Spanish. A launch at Barclays The program was announced in a  press release  yesterday, which came after a ceremony the night before during a Brooklyn Nets game at the Barclays Center, as shown in the photo below. So it again sh...

The Passing of the Rev. Clinton Miller ( link ) A big role in Brooklyn. A smaller, but notable, role in challenging Atlantic Yards. Eulogies from some major figures.

Developer Cirrus Seeking $350M in State Subsidies to Build Crucial Railyard Platform ( link ) An opportunity to ensure public goods like affordable housing, or a giveaway? Cirrus/LCOR also seek more bulk (worth $320M?), housing subsidies, & tax breaks.

About a month late , Empire State Development (ESD) has scheduled the fourth public workshop (of four) regarding the Atlantic Yards project on Thursday, March 19, at 6:30 pm, online. Register  here . Ahead of this meeting, though with the date unspecified, ESD will release on its website the Draft Community Engagement Report. The report summarizes key themes and insights from the first three public workshops and the online survey.  My bet is the report will be used to ratify the new developer's request for an additional 1.6 million square feet of bulk, worth perhaps $320 million, as needed to deliver promised open space and, as of now, unspecified amounts of below-market affordable housing. The Draft Report will be posted on the ESD website along with an online form for people to submit comments and feedback in advance of the workshop.  During the meeting, ESD will provide a brief presentation on the Draft Report, followed by a live, open Q&A session where attendees ...

Sunnyside Yard vs. Atlantic Yards: a Huge Contrast in (Proposed) Scale and Process ( link ) 12,000 units (or even 24,000) over 140 acres vs. 9,000 units over 22 acres? The ingredients for real planning in Queens vs. a massaged, opaque process in Brooklyn?

The Barclays Center yesterday released its March 2026 event calendar for neighbors, with 15 ticketed events. They include eight Nets games, five concerts, and two basketball events, one part of the Unrivaled Basketball League tournament and the other the Caribeño Champs Classic, a "a first-of-its-kind Latino sports and live entertainment experience," with basketballers from Puerto Rico and the Dominican Republic, plus top DJs. The schedule also includes four private events, one in the morning, another in the afternoon, another from morning to afternoon, and another in the evening. On March 3, the arena will host Brooklyn Org's Spark Prize breakfast , which is a relatively small event. I don't know about the other events. They should tell us, so neighbors can assess whether there might be large crowds. March 2025 comparison In March 2025, the arena hosted 18 ticketed events: seven Brooklyn Nets games, six concerts, three comedy shows, one Sprite Jam Fest, and one boxi...

February Roundup: Waiting for a Workshop, and Key Project Details ( link ) What "public resources" (subsidies) are sought? How pay for the platform? A Community Engagement report awaits. Much more to review.

One Junior Partner in Atlantic Yards is Suing Another, for $888M. That's Alarming. ( link ) Affiliates of the U.S. Immigration Fund and Fortress Investment Group are fighting over a separate project. Shouldn't we know more about their stake, and clout, in Atlantic Yards?

Why Has the Atlantic Yards CDC Spent So Little of its Budget? Couldn't the Money Be Used for the Public? ( link ) Also, New York State set to extend contract for law firm Bryan Cave to help with the Second Supplemental EIS.

The Barclays Center, in required reports to bondholders, recently disclosed a modest drop in ticket sales and suite and sponsor installments in the first half of FY 2026, compared with the previous year. Cash receipts for Q1 of FY 2026 were $7.2 million for suite and sponsor installments, and $51.4 million for ticket sales.  That compares to $5.4 million and $40.3 million in the previous fiscal year . Cash receipts for Q2 of FY 2026 were $10.8 million for suite and sponsor installments, and $41 million for ticket sales.  That compares to $10 million and $57.4 million in the previous fiscal year. Overall, that's a net decrease of $2.7 million. That said, it's risky to extrapolate, because the arena has opened new clubs and premium seating options, revenue for which may show up in subsequent quarters. Net operating income down Over the first half of FY 2026, the arena reported $67.8 million in revenue and $55.8 million in expenses, leaving nearly $12 million in net operating inc...

Unrivaled Leans In to NBA Arenas After Making Millions in Philly , Front Office Sports reported Feb. 13, noting that "the 3-on-3 women’s basketball league is moving its March 2 semifinals games from Miami to Brooklyn" and the Barclays Center. The article notes that Unrivaled's stint in Philadelphia--not yet a WNBA city--had more than three months of lead time for event marketing, while now there's just over two weeks. So expect a lot of marketing. Tickets start at $55.10, with fees but before taxes. (The New York Liberty's Breanna Stewart plays for the Mist, while the Liberty's Natasha Cloud plays for the Phantom.) Front Office Sports noted that more than 10,000 seats were sold in 24 hours.  While most games are played at a tiny arena in Florida--Unrivaled relies on TV rights and sponsorships--organizers now aim to have more road games in larger spaces. Unrivaled was set up, in part, as an alternative to WNBA players going abroad for better off-se...

The Brooklyn Nets and associated businesses are "only" worth $6 billion ( link ), according to CNBC's new list of NBA valuations, "only" a 7.1% increase over last year's $5.6 billion . That mean's they're ranked tenth in the league, rather than eighth last year. Still,  they're only a notch behind the  Philadelphia 76ers , worth an estimated $6.1 billion, and the  Miami Heat , valued at $6.05 billion. "The average value of an NBA team is now $5.52 billion, 18% more than a year ago," CNBC's Mike Ozanian writes . He cited  the impact of the new NBA TV deal, the role of private equity, teams being sold over multiple years, and new arena for the Los Angeles Clippers. For the Nets, he cited revenue of $409 million, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $80 million, and 13% debt as a percentage of value. The calculation, as always, is a bit of an art, relying on both revenues, including if the team o...

The political publication City & State New York recently published its annual  The 2026 Brooklyn Power 100 , with the subheadline, "The political hierarchy of Kings County." Last July--less than a year ago--the publication ranked Joe Tsai and Clara Wu Tsai #43, which I thought was too low. After all, they'd sold a slice of holding company BSE Global to the Koch family at at high valuation, and sold a slice of the New York Liberty to several investors at another high valuation. More importantly, and also unmentioned, the Tsais had begun to build a Brooklyn "ecosystem" of media and entertainment. So I still think their ranking is low, especially since the associated philanthropic enterprise, the Social Justice Fund, has won them many allies, even if its spending claims aren't documented . Indeed, though I hadn't noticed it at the time, BSE Global bought a City & State advertisement (see below) saluting the honorees, with trademarks for its holding...

 A "No-Brainer": Cirrus Crows About Leveraging $200M of Discounted Debt to Control Atlantic Yards ( link ) The Real Deal asks: can Cirrus's union-built, workforce housing model work? Answer: maybe. Still, the speculator seems to have achieved a coup in Brooklyn.

Has the Tsais' Social Justice Fund Really Invested $25M "In Brooklyn" Since 2020? ( link ) The owners of the Brooklyn Nets made big promises in 2020. Their summary lists significant efforts--but big gaps. Tax breaks & investment gains are far larger.

Feb. 4: see update below A few days before each month, the Barclays Center circulates a monthly calendar of events to neighbors, including when doors open, and when the event begins and ends. The calendar includes ticketed and non-ticketed events, though the arena no longer identifies the latter. Curiously enough, they haven't yet circulated a calendar for February. (I asked yesterday, but haven't heard back.) So let me offer a provisional calendar, limited to ticketed events, drawn from the arena's website : six Brooklyn Nets games, eight circus shows, three Disney on Ice shows, and four single events: Harlem Globetrotters, a comedy show, a concert, and a worship ministry concert event. So, a total of 21 events, thanks in part to multiple Disney and circus shows on the same day. Screenshot from Barclays Center  website   The official February 2026 Community Notice was finally distributed, at least four days late and it offers no new information beyond the timing of the sho...

Welcome to the Second Supplemental EIS! A $2M+ Contract for Consultant AKRF ( link ) Expect a judge-proof document easing project changes. Is there any funding for a civic response? Plus: some past bad predictions.

Workshop Yields a Few Clues on Project’s Future, But Big Questions Still Loom ( link ) Developers might re-start construction in two years. They (vaguely) promise lower-income housing. How much depends on “public resources.” Accountability? Stay tuned.

How Dense Would Atlantic Yards Be? Very Dense. ( link ) At a proposed 9,000 units and 19,000-plus residents over 22 acres, would the project have any peers? Advocate last month: "It does not feel like community. It feels like towers."

New (Unofficial) Images Suggest Supersized Atlantic Yards Must Be Far Larger Than Hinted ( link ) How could 2.1M square feet of bulk be added to five sites over the railyard?

I already cited the press release from Brooklyn Sports & Entertainment, Jan. 16,  Brooklyn Sports & Entertainment Announces Reimagined Premium Event-level Experience at Barclays Center , in my other coverage today about BSE, but let's capture the full press release and a few highlights. First, the claimed investment to revamp arena spaces is now up to $140 million, after long being said to be $100 million--even in a document I cited today. While the space at the western end of the arena would replace what's now called the Qatar Airways Club, that (expiring, departing) sponsor goes unmentioned. Surely there will be a new one. "Spanning more than 9,000 square feet and accommodating 360 members, the space is inspired by the layered evolution of DUMBO, where industrial roots meet modern refinement," the announcement states.  Well, they've invoked "brownstone" before, so they're just doubling down. Except the heritage of DUMBO is anchored in histo...

After 7.5 Years as BSE Global, Brooklyn Sports & Entertainment Wisely Retakes Original Name, Focusing on Local ( link ) "The Brooklyn Way," though, relies on secondhand concepts of "Unfiltered Authenticity" & "Relentless Hustle" Also, hints about One Hanson, but not hotel.

Photos: Norman Oder On Jan. 4, the publication Park Slope Pulse published Why 30+ Local Businesses closed in 2025 across Park Slope, Prospect Heights, and Gowanus , with a closer look at Bergen Street. "Several owners specifically cited rent hikes along the Bergen Street corridor between 5th Avenue and Flatbush Avenue - a stretch long known for independent boutiques and eateries," the publication reported. "Business owners have also reported similar rent increases along 5th Avenue." As I  reported last year, longtime landlords, the Pintchik family, sold 26 buildings, including 11 on Bergen Street for $102.5 million to the Ostad brothers. of Tristar Management. The total included 32 retail spaces and 80 apartments. Given the original owners' low cost basis, they were known for reasonable rents. That was expected to change, and it apparently did. (The new owners have not, however, added floors to the buildings.)  "Notice to the Customer," reads the sign...