Atlantic Yards/Pacific Park is, above all, the story of private developers using governmental power.
July 2003
Atlantic Yards project details leak out; article in Newark Star-Ledger. New Jersey Nets basketball team would move to Brooklyn to leverage public approval for a large mixed-use project from powerful Brooklyn-based developer Forest City Ratner, the NYC arm of Cleveland-based, nationally traded Forest City Enterprises, known for building the MetroTech office complex in Brooklyn, the Atlantic Center mall, and other projects that required government assistance and/or partnership.
December 2003
Project officially announced by Forest City Ratner, with slogan “Jobs, Housing, and Hoops,” and designs by noted architect Frank Gehry. Brooklyn Borough President Marty Markowitz is host, at Brooklyn Borough Hall, with Mayor Mike Bloomberg present, as well as fractional investor Jay-Z. New York Times architectural critic Herbert Muschamp is enthralled.
A poll commissioned by the New York Observer and conducted by Pace University suggests that, in comparison with previous surveys, the tide has shifted, and a majority of New Yorkers now favor the proposal. But public opinion also depends on the poll wording.
November 2005
Mike Bloomberg re-elected as city mayor.
DDDB holds its first “Walk, Don’t Destroy” fundraiser.
The New York Times, the parent company of which is building a new headquarters in partnership with Forest City, publishes an editorial on the Atlantic Yards plan, criticizing the use of subsidies, but declaring that "the borough deserves a sports team, so long as the price is not too high."
December 2005
Forest City announces that it plans to demolish six buildings on the site, claiming structural damage; Develop Don't Destroy sues to block those demolitions.
February 2006
State court judge upholds demolitions, disqualifies lawyer working for ESDC as a conflict of interest, given his previous work for Forest City. That disqualification will later be overturned.
March 2006
ESDC releases Final Scope of Analysis for the environmental impact statement. It reveals a modest reduction in project’s size. This is part of a pattern: inflate the size of the project, only to reduce it.
ACORN issues a report denouncing subsidized development of luxury housing in Brooklyn, and points to the Atlantic Yards project as an exception.
May 2006
DDDB announces new advisory board, with celebrities and activists.
New Gehry designs for project are released.
Some Brooklyn elected officials propose that the project be cut by one-third, in exchange for cost-free rights to develop over the railyard, plus new subsidies.
June 2006
Daniel Goldstein of DDDB is subject of an article claiming he made racially offensive statements in an email, using the term “wealthy white masters” regarding the developer’s relationship to community groups. Black leaders protest.
Municipal Art Society (MAS), a citywide group focusing on planning and design, proposes that the project be revised, with a smaller scale, new streets, and open space that is not behind towers. The group does not oppose the arena.
Nationally known advocacy planner Ron Shiffman joins DDDB, calling the density extreme.
July 2006
Forest City and ACORN schedule two public information sessions on affordable housing, draw thousands, though many attendees are way of the rent levels and the chance of the housing coming soon.
DDDB holds rally at Grand Army Plaza in Brooklyn.
ESDC adopts General Project Plan (GPP), including Blight Study and Design Guidelines, and releases Draft Environmental Impact Statement (Draft EIS).
August 2006
Three community boards hold separate hearings to gather comments on the Atlantic Yards Draft EIS.
ESDC holds epic public hearing on Atlantic Yards, with numerous vocal supporters and opponents.
September 2006
ESDC holds two community forums to gather further public comment.
Forest City announces another small cut in project density, in a front-page New York Times article. New York City Planning Commission endorses that cut, including a reduction in plans for Site 5.
Municipal Art Society launches BrooklynSpeaks, new coalition to improve, not stop the project, in cooperation with several Brooklyn neighborhood groups.
October 2006
DDDB announces eminent domain suit, in federal court, with attorney Matt Brinckerhoff, aiming to avoid state court, where challenges start in the appellate division, with no chance for testimony or cross-examination, thus advantaging the condemnor.
DDDB's second annual walkathon raises over $100,000 for lawsuits.
November 2006
ESDC releases Final EIS, including responses to comments.
December 2006
MAS recruits two organization to warn about potential massive illuminated signage on “Miss Brooklyn” tower (B1), planned to loom at Flatbush and Atlantic avenues over the arena.
ESDC votes to approve Atlantic Yards Modified General Project Plan, estimating that full project will be finished in ten years, by 2016.
Lowered projected tax revenues lead civic groups to ask the Public Authorities Control Board (PACB), a state body that was used to kill the West Side Stadium, to not approve the $100 million state contribution to the project. That would effectively kill Atlantic Yards.
PACB approves project; Forest City reveals minor concessions; ESDC releases financial analysis of project from consultant KPMG.
January 2007
Barclays is announced as naming rights sponsor for arena, which will be called Barclays Center. The deal is claimed to be worth $400 million over 20 years, but Barclays says $300 million.
Mayoral budget adds $105 million of city funds to Atlantic Yards, on top of city's previous $100 million.
February 2007
Project landscape architect Laurie Olin suggests that Atlantic Yards will take 20 years to build, and that Gehry will not design each building; Forest City (wrongly) says he’s wrong.
First hearing in federal eminent domain case, before Magistrate Judge Robert Levy. He recommends to Judge Nicholas Garaufis that case be dismissed on technical grounds.
Forest City begins demolition work at the Vanderbilt Yard.
March 2007
Executives at Forest City Enterprises, parent company of Forest City Ratner, acknowledge the project will take longer than expected.
State lobbying report shows Forest City was the state's third biggest lobbyist, spending $2.1 million over the year.
April 2007
Federal eminent domain case resumes before Judge Garaufis.
DDDB and allies announce lawsuit in state court challenging the project’s environmental review.
May 2007
Oral argument before state Justice Joan Madden in environmental review case.
After demolition work leads to fall of parapet from Ward Bakery, potentially endangering community, ESDC says a new staffer—described as an ombudsperson—will work with elected officials, public agencies, and the public.
Architects and planners propose revised UNITY plan.
June 2007
Judge Garaufis dismisses the federal eminent domain case, claiming that the acknowledgement of public benefits, however limited or uncertain, obviate claims of a sweetheart deal.
Forest City executive Jim Stuckey leaves abruptly; MaryAnne Gilmartin named new project overseer. It is later revealed that Stuckey faced allegations of sexual harassment.
State legislature approves 421-a tax break with special provisions for Atlantic Yards.
July 2007
Documents revealed to state Assemblymember Jim Brennan suggest that high costs and overoptimistic expectations of revenues make the project financially precarious; Forest City disagrees.
September 2007
State and city funding agreements give Forest City far more than ten years to finish the project. (These agreements are not revealed until March 2008.)
October 2007
Oral argument before Second Circuit Court of Appeals in eminent domain case shows judges skeptical of challengers.
January 2008
Justice Madden dismisses state lawsuit challenging environmental review, though her reasoning is suspect in parts.
February 2008
Judges on Second Circuit Court of Appeals uphold ruling by Garaufis dismissing eminent domain case.
March 2008
Bruce Ratner tells the New York Times that the economy will delay Atlantic Yards, but claims the arena is on track.
May 2008
DDDB and BrooklynSpeaks hold a joint rally calling for a “time-out” on the project to reassess it.
In a Daily News op-ed, Bruce Ratner says the project is “anticipated” to be finished by 2018, a ten-year time period, just starting a bit late.
New designs by Gehry concern only the arena block, not the full project.
MAS releases mock-up image of “Atlantic Lots,” suggesting (and exaggerating) the impact of lingering surface parking.
June 2008
Forest City and allies sponsor “Brooklyn Day” rally at Borough Hall supporting the project.
U.S. Supreme Court declines to allow eminent domain appeal.
U.S. Treasury Department proposes disallowing certain forms of tax-exempt financing, which could jeopardize the bond issue to build the Brooklyn arena.
August 2008
New eminent domain challenge filed in New York state court has additional claim to avoid charges of redundancy.
September 2008
Oral argument before Appellate Division in DDDB’s appeal of Justice Madden’s decision in environmental review case shows some judges skeptical of the ESDC's arguments.
Beginning of national recession.
October 2008
Stock market plunges. Forest City Enterprises stock drops. Company begins laying off staff nationally, including in New York.
Landscape architect Olin confirms he is no longer with project.
U.S. Treasury Department agrees to grandfather in financing plan for Atlantic Yards arena, saving the developer hundreds of millions of dollars, given the ability to have tax-exempt bonds rather than taxable ones.
November 2008
Barclays recommits to naming rights deal, but--as we'll learn--it has been renegotiated.
Ratner drops Gehry plan (though the architect's departure is not publicly revealed for months); decides to build smaller arena, decoupled from towers around it, which previously were to be built simultaneously.
December 2008
Forest City Enterprises announces it will slow nearly all development nationally and halt its dividend.
Gehry lays off nearly all his Atlantic Yards staff.
February 2009
State appellate court rejects challenge to Madden decision rejecting challenge to environmental review, though one judge files a scathing concurrence.
Oral argument in state eminent domain case, in appellate court, with judges skeptical of challenge.
March 2009
Forest City announces losses, but says arena will go forward.
May 2009
Appellate Division judges reject eminent domain case.
State Senate holds first state legislative oversight hearing regarding Atlantic Yards; MTA executive reveals they will accept a smaller replacement railyard, thus saving the developer money.
Forest City Enterprises raises more than $300 million by selling new shares.
June 2009
Gehry officially dropped from project; new Ellerbe Becket-designed arena revealed. resembling their arena in Indianapolis. It seems too small for major league hockey.
MTA approves proposal for revised deal for railyard rights, requiring $20 million down, and allowing 21 years to pay the remainder of the $100 million, at a gentle interest rate.
ESDC approves revised project plan, allowing for delays in Forest City's payments for private property acquired via eminent domain, and acknowledging the project could be delayed. New Technical Memorandum agrees that no Supplemental Environmental Impact Statement (Supplemental EIS)--which could delay the bond sale--is required.
State Court of Appeals agrees to hear appeal in eminent domain case.
July 2009
ESDC holds public question-and-answer session, with Forest City. It gets raucous.
ESDC holds public hearing on new project plan; BrooklynSpeaks and elected officials call for a Supplemental EIS—to assess project changes.
September 2009
Forest City releases new design for the arena, with buzzy architectural firm SHoP wrapping the Ellerbe Becket design with a pre-rusted metal skin, and a new oculus; new arena plaza is said to be temporary (but, ultimately, seems permanent). Ouroussoff gives two cheers to the design.
New York City Independent Budget Office says the revised project plan means a net loss to the city.
Council of Brooklyn Neighborhoods, a community coalition, releases report by an independent real estate analyst that says Atlantic Yards cannot be completed by 2019 and more likely will take until at least 2029.
ESDC approves revised project plan; cites new report by KPMG that says it's not unreasonable that the project could be built in ten years, by 2019.
ESDC releases Technical Memo saying there's no need for a Supplemental EIS.
Russian oligarch Mikhail Prokhorov announced as new majority owner of the Nets, minority owner of the arena operating company.
October 2009
Oral argument at New York Court of Appeals in Albany for eminent domain appeal.
DDDB and other community groups sue ESDC and Forest City in state court, aiming to annul the recent re-approval of the project and require a Supplemental EIS.
DDDB and legislators sue the MTA in state court, aiming to overturn its revision of the Vanderbilt Yard deal.
November 2009
BrooklynSpeaks and allies also file suit challenging the re-approval of the project and requiring a Supplemental EIS. (The Municipal Art Society has left BrooklynSpeaks.) The case will be combined with the DDDB case.
Mayor Bloomberg, after getting term limits overturned, is elected for a third term. Brooklyn Borough President Markowitz is also elected for a third term. Brooklyn Council Member Bill de Blasio is elected Public Advocate.
New York State Court of Appeals dismisses eminent domain challenge, 6-1, though the dissenter makes some strong points.
New ESDC-created entity, Brooklyn Arena Local Development Corporation, approves tax-exempt bonds for the project.
December 2009
Justice Michael Stallman, with no oral arguments, dismisses case challenging MTA’s project approval.
Project documents, including Development Agreement, signed in master closing that involves Forest City and ESDC.
City housing agency and Forest City wrestle over affordability in first tower.
Atlantic Yards project details leak out; article in Newark Star-Ledger. New Jersey Nets basketball team would move to Brooklyn to leverage public approval for a large mixed-use project from powerful Brooklyn-based developer Forest City Ratner, the NYC arm of Cleveland-based, nationally traded Forest City Enterprises, known for building the MetroTech office complex in Brooklyn, the Atlantic Center mall, and other projects that required government assistance and/or partnership.
December 2003
Project officially announced by Forest City Ratner, with slogan “Jobs, Housing, and Hoops,” and designs by noted architect Frank Gehry. Brooklyn Borough President Marty Markowitz is host, at Brooklyn Borough Hall, with Mayor Mike Bloomberg present, as well as fractional investor Jay-Z. New York Times architectural critic Herbert Muschamp is enthralled.
The project would have 4,500 apartments, half of them "affordable"; the four towers flanking the arena would have space for 10,000 jobs. Despite the name, only 8.5 acres of the proposed 22-acre footprint involve the Metropolitan Transportation Authority's Vanderbilt Yard, used to store and service Long Island Rail Road trains. The rest is public streets and private property, raising the spectre of condemnation.
The project will be overseen not by New York City or local elected officials, but by the Empire State Development Corporation (ESDC), the state economic-development agency (originally Urban Development Corporation, or UDC), which answers to the Governor (currently George Pataki), and is the most powerful urban development agency in the country, given powers to override city zoning.
The project's initial price tag: $2.5 billion.
January 2004
Investment group led by Bruce Ratner finalizes purchase of New Jersey Nets basketball team.
February 2004
Project opponents concerned about scale, eminent domain, sweetheart deals, and an arena encroaching on a residential area organize as Develop Don’t Destroy Brooklyn (DDDB) and hire attorney Norman Siegel.
March 2004
First public meeting on Atlantic Yards plan, in Park Slope.
Council Member Letitia James sponsors workshop to develop alternative plan for the railyard.
May 2004
Forest City releases report on expected fiscal benefits to the city and state, by sports economist Andrew Zimbalist, who unwisely--but facing little skepticism--calls the project a gold mine, mainly because new apartments somehow alchemize into new income tax revenue.
New York City Council holds hearing on Atlantic Yards; James reveals alternative plan, known as UNITY. It's of more modest scale and lacks an arena.
Forest City sends first mailer to residents promoting Atlantic Yards.
In a front-page article, the Daily News reports that nearly all owners at the condo building 636 Pacific Street, except for activist Daniel Goldstein, have agreed to sell their apartments to Forest City, removing a key roadblock.
June 2004
Jung Kim and Gustav Peebles, an urban planner and an economic historian, respectively, issue a report, via DDDB, that criticizes FCR consultant Zimbalist’s projections.
October 2004
Forest City sends second mailer to residents promoting Atlantic Yards.
November 2004
Three Community Boards (CBs 2, 6, and 8) that include pieces of the project site hold an informational meeting on the project. It's raucous.
January 2005
Forest City reveals that planned office space around the arena would be swapped for condominiums, severely cutting the promised permanent jobs.
March 2005
New York City and New York State announce non-binding Memorandum of Understanding (MOU) with Forest City, promise capital contributions of $100 million each, tax breaks, and other assistance.
The Pratt Institute Center for Community and Environmental Development issues an independent report (“Slam Dunk or Airball? A Preliminary Planning Analysis of the Brooklyn Atlantic Yards Project”) urging caution, and criticizing Zimbalist's economic estimates.
January 2004
Investment group led by Bruce Ratner finalizes purchase of New Jersey Nets basketball team.
February 2004
Project opponents concerned about scale, eminent domain, sweetheart deals, and an arena encroaching on a residential area organize as Develop Don’t Destroy Brooklyn (DDDB) and hire attorney Norman Siegel.
March 2004
First public meeting on Atlantic Yards plan, in Park Slope.
Council Member Letitia James sponsors workshop to develop alternative plan for the railyard.
May 2004
Forest City releases report on expected fiscal benefits to the city and state, by sports economist Andrew Zimbalist, who unwisely--but facing little skepticism--calls the project a gold mine, mainly because new apartments somehow alchemize into new income tax revenue.
New York City Council holds hearing on Atlantic Yards; James reveals alternative plan, known as UNITY. It's of more modest scale and lacks an arena.
Forest City sends first mailer to residents promoting Atlantic Yards.
In a front-page article, the Daily News reports that nearly all owners at the condo building 636 Pacific Street, except for activist Daniel Goldstein, have agreed to sell their apartments to Forest City, removing a key roadblock.
June 2004
Jung Kim and Gustav Peebles, an urban planner and an economic historian, respectively, issue a report, via DDDB, that criticizes FCR consultant Zimbalist’s projections.
October 2004
Forest City sends second mailer to residents promoting Atlantic Yards.
November 2004
Three Community Boards (CBs 2, 6, and 8) that include pieces of the project site hold an informational meeting on the project. It's raucous.
January 2005
Forest City reveals that planned office space around the arena would be swapped for condominiums, severely cutting the promised permanent jobs.
March 2005
New York City and New York State announce non-binding Memorandum of Understanding (MOU) with Forest City, promise capital contributions of $100 million each, tax breaks, and other assistance.
The Pratt Institute Center for Community and Environmental Development issues an independent report (“Slam Dunk or Airball? A Preliminary Planning Analysis of the Brooklyn Atlantic Yards Project”) urging caution, and criticizing Zimbalist's economic estimates.
Without knowing the subsidy total, the report observes, how can the project be evaluated? That question will recur.
May 2005
Forest City signs Affordable Housing Memorandum of Understanding (MOU) with housing advocacy group New York ACORN. It promises a mix of low- (40%), moderate- (20%), and middle-income housing (40%), among the 2,250 below-market units.
Metropolitan Transportation Authority (MTA) announces Request for Proposals for Vanderbilt Yard development rights; DDDB tries to recruit a bidder to rival Forest City, which has the inside track.
New York City Council holds second (and final) hearing on Atlantic Yards.
June 2005
Zimbalist updates his report, estimating that potential project revenue would increase by nearly 50%, owing to additional housing.
Forest City distributes the first issue of the Brooklyn Standard, a promotional publication hailing the project.
U.S. Supreme Court issues decision upholding eminent domain in Kelo vs. New London.
Forest City publicly signs Community Benefits Agreement with eight groups, including ACORN and BUILD (Brooklyn United for Innovative Local Development), most of which are astroturf, having no track record in Brooklyn--but in some cases involving respected leaders from the Black community. It's the first CBA in New York City.
The New York City Economic Development Corporation (NYC EDC), in response to a Freedom of Information Act request from project opponents, releases a previously completed memo, “Estimated Fiscal Impacts of the Proposed Atlantic Yards Project,” which undercuts several of Zimbalist’s predictions.
July 2005
New project designs by Gehry released, revealed in a front-page New York Times article, shortly before the gubernatorially-controlled MTA assesses bids. The plan is hailed by new architecture critic Nikolai Ouroussoff.
Bids to the MTA for the Vanderbilt Yard are released; rival developer Extell bids more cash ($150 million) than Forest City ($50 million). Forest City claims the overall value of its bid is greater.
MTA committee meeting and full board meeting on Vanderbilt Yard; MTA agrees to renegotiate exclusively with Forest City, raising spectre of a wired deal.
August 2005
Develop Don’t Destroy Brooklyn reveals a second Memorandum of Understanding for the project, involving Forest City's rights to build at Site 5, catercorner to arena block, longtime home of Modell's and P.C. Richard, as well as towers over the nearby Atlantic Center Mall.
September 2005
New York City Independent Budget Office releases analysis of the project, projecting only a small surplus to the city, in contrast with Zimbalist's projections.
Forest City agrees to double its cash bid (to $100 million) for the Vanderbilt Yard; MTA approves deal, with one dissenter.
Empire State Development Corporation (ESDC) releases Draft Scope of Analysis, the first step in the environmental review process, which aimed at mitigating potential project impacts.
Develop Don’t Destroy Brooklyn releases documents suggesting that leaders of community group BUILD, a signatory to the CBA, expect personal enrichment from the group’s contracts with Forest City.
October 2005
ESDC holds hearing soliciting comments on Draft Scope of Analysis.
Democratic mayoral challenger Fernando (Freddy) Ferrer emerges as a belated opponent of Atlantic Yards; he is sabotaged by his ostensible supporter Al Sharpton; incumbent Mayor Mike Bloomberg cites Sharpton.
BUILD is being paid to distribute the second issue of the developer's Brooklyn Standard, which is the last issue produced.
May 2005
Forest City signs Affordable Housing Memorandum of Understanding (MOU) with housing advocacy group New York ACORN. It promises a mix of low- (40%), moderate- (20%), and middle-income housing (40%), among the 2,250 below-market units.
Metropolitan Transportation Authority (MTA) announces Request for Proposals for Vanderbilt Yard development rights; DDDB tries to recruit a bidder to rival Forest City, which has the inside track.
New York City Council holds second (and final) hearing on Atlantic Yards.
June 2005
Zimbalist updates his report, estimating that potential project revenue would increase by nearly 50%, owing to additional housing.
Forest City distributes the first issue of the Brooklyn Standard, a promotional publication hailing the project.
U.S. Supreme Court issues decision upholding eminent domain in Kelo vs. New London.
Forest City publicly signs Community Benefits Agreement with eight groups, including ACORN and BUILD (Brooklyn United for Innovative Local Development), most of which are astroturf, having no track record in Brooklyn--but in some cases involving respected leaders from the Black community. It's the first CBA in New York City.
The New York City Economic Development Corporation (NYC EDC), in response to a Freedom of Information Act request from project opponents, releases a previously completed memo, “Estimated Fiscal Impacts of the Proposed Atlantic Yards Project,” which undercuts several of Zimbalist’s predictions.
July 2005
New project designs by Gehry released, revealed in a front-page New York Times article, shortly before the gubernatorially-controlled MTA assesses bids. The plan is hailed by new architecture critic Nikolai Ouroussoff.
Bids to the MTA for the Vanderbilt Yard are released; rival developer Extell bids more cash ($150 million) than Forest City ($50 million). Forest City claims the overall value of its bid is greater.
MTA committee meeting and full board meeting on Vanderbilt Yard; MTA agrees to renegotiate exclusively with Forest City, raising spectre of a wired deal.
August 2005
Develop Don’t Destroy Brooklyn reveals a second Memorandum of Understanding for the project, involving Forest City's rights to build at Site 5, catercorner to arena block, longtime home of Modell's and P.C. Richard, as well as towers over the nearby Atlantic Center Mall.
September 2005
New York City Independent Budget Office releases analysis of the project, projecting only a small surplus to the city, in contrast with Zimbalist's projections.
Forest City agrees to double its cash bid (to $100 million) for the Vanderbilt Yard; MTA approves deal, with one dissenter.
Empire State Development Corporation (ESDC) releases Draft Scope of Analysis, the first step in the environmental review process, which aimed at mitigating potential project impacts.
Develop Don’t Destroy Brooklyn releases documents suggesting that leaders of community group BUILD, a signatory to the CBA, expect personal enrichment from the group’s contracts with Forest City.
October 2005
ESDC holds hearing soliciting comments on Draft Scope of Analysis.
Democratic mayoral challenger Fernando (Freddy) Ferrer emerges as a belated opponent of Atlantic Yards; he is sabotaged by his ostensible supporter Al Sharpton; incumbent Mayor Mike Bloomberg cites Sharpton.
BUILD is being paid to distribute the second issue of the developer's Brooklyn Standard, which is the last issue produced.
A poll commissioned by the New York Observer and conducted by Pace University suggests that, in comparison with previous surveys, the tide has shifted, and a majority of New Yorkers now favor the proposal. But public opinion also depends on the poll wording.
November 2005
Mike Bloomberg re-elected as city mayor.
DDDB holds its first “Walk, Don’t Destroy” fundraiser.
The New York Times, the parent company of which is building a new headquarters in partnership with Forest City, publishes an editorial on the Atlantic Yards plan, criticizing the use of subsidies, but declaring that "the borough deserves a sports team, so long as the price is not too high."
December 2005
Forest City announces that it plans to demolish six buildings on the site, claiming structural damage; Develop Don't Destroy sues to block those demolitions.
February 2006
State court judge upholds demolitions, disqualifies lawyer working for ESDC as a conflict of interest, given his previous work for Forest City. That disqualification will later be overturned.
March 2006
ESDC releases Final Scope of Analysis for the environmental impact statement. It reveals a modest reduction in project’s size. This is part of a pattern: inflate the size of the project, only to reduce it.
ACORN issues a report denouncing subsidized development of luxury housing in Brooklyn, and points to the Atlantic Yards project as an exception.
May 2006
DDDB announces new advisory board, with celebrities and activists.
New Gehry designs for project are released.
Some Brooklyn elected officials propose that the project be cut by one-third, in exchange for cost-free rights to develop over the railyard, plus new subsidies.
June 2006
Daniel Goldstein of DDDB is subject of an article claiming he made racially offensive statements in an email, using the term “wealthy white masters” regarding the developer’s relationship to community groups. Black leaders protest.
Municipal Art Society (MAS), a citywide group focusing on planning and design, proposes that the project be revised, with a smaller scale, new streets, and open space that is not behind towers. The group does not oppose the arena.
Nationally known advocacy planner Ron Shiffman joins DDDB, calling the density extreme.
July 2006
Forest City and ACORN schedule two public information sessions on affordable housing, draw thousands, though many attendees are way of the rent levels and the chance of the housing coming soon.
DDDB holds rally at Grand Army Plaza in Brooklyn.
ESDC adopts General Project Plan (GPP), including Blight Study and Design Guidelines, and releases Draft Environmental Impact Statement (Draft EIS).
August 2006
Three community boards hold separate hearings to gather comments on the Atlantic Yards Draft EIS.
ESDC holds epic public hearing on Atlantic Yards, with numerous vocal supporters and opponents.
September 2006
ESDC holds two community forums to gather further public comment.
Forest City announces another small cut in project density, in a front-page New York Times article. New York City Planning Commission endorses that cut, including a reduction in plans for Site 5.
Municipal Art Society launches BrooklynSpeaks, new coalition to improve, not stop the project, in cooperation with several Brooklyn neighborhood groups.
October 2006
DDDB announces eminent domain suit, in federal court, with attorney Matt Brinckerhoff, aiming to avoid state court, where challenges start in the appellate division, with no chance for testimony or cross-examination, thus advantaging the condemnor.
DDDB's second annual walkathon raises over $100,000 for lawsuits.
November 2006
ESDC releases Final EIS, including responses to comments.
December 2006
MAS recruits two organization to warn about potential massive illuminated signage on “Miss Brooklyn” tower (B1), planned to loom at Flatbush and Atlantic avenues over the arena.
ESDC votes to approve Atlantic Yards Modified General Project Plan, estimating that full project will be finished in ten years, by 2016.
Lowered projected tax revenues lead civic groups to ask the Public Authorities Control Board (PACB), a state body that was used to kill the West Side Stadium, to not approve the $100 million state contribution to the project. That would effectively kill Atlantic Yards.
PACB approves project; Forest City reveals minor concessions; ESDC releases financial analysis of project from consultant KPMG.
2007-2009: Recession, Lawsuits, Project Revisions, New Nets Owner
Barclays is announced as naming rights sponsor for arena, which will be called Barclays Center. The deal is claimed to be worth $400 million over 20 years, but Barclays says $300 million.
Mayoral budget adds $105 million of city funds to Atlantic Yards, on top of city's previous $100 million.
February 2007
Project landscape architect Laurie Olin suggests that Atlantic Yards will take 20 years to build, and that Gehry will not design each building; Forest City (wrongly) says he’s wrong.
First hearing in federal eminent domain case, before Magistrate Judge Robert Levy. He recommends to Judge Nicholas Garaufis that case be dismissed on technical grounds.
Forest City begins demolition work at the Vanderbilt Yard.
March 2007
Executives at Forest City Enterprises, parent company of Forest City Ratner, acknowledge the project will take longer than expected.
State lobbying report shows Forest City was the state's third biggest lobbyist, spending $2.1 million over the year.
April 2007
Federal eminent domain case resumes before Judge Garaufis.
DDDB and allies announce lawsuit in state court challenging the project’s environmental review.
May 2007
Oral argument before state Justice Joan Madden in environmental review case.
After demolition work leads to fall of parapet from Ward Bakery, potentially endangering community, ESDC says a new staffer—described as an ombudsperson—will work with elected officials, public agencies, and the public.
Architects and planners propose revised UNITY plan.
June 2007
Judge Garaufis dismisses the federal eminent domain case, claiming that the acknowledgement of public benefits, however limited or uncertain, obviate claims of a sweetheart deal.
Forest City executive Jim Stuckey leaves abruptly; MaryAnne Gilmartin named new project overseer. It is later revealed that Stuckey faced allegations of sexual harassment.
State legislature approves 421-a tax break with special provisions for Atlantic Yards.
July 2007
Documents revealed to state Assemblymember Jim Brennan suggest that high costs and overoptimistic expectations of revenues make the project financially precarious; Forest City disagrees.
September 2007
State and city funding agreements give Forest City far more than ten years to finish the project. (These agreements are not revealed until March 2008.)
October 2007
Oral argument before Second Circuit Court of Appeals in eminent domain case shows judges skeptical of challengers.
January 2008
Justice Madden dismisses state lawsuit challenging environmental review, though her reasoning is suspect in parts.
February 2008
Judges on Second Circuit Court of Appeals uphold ruling by Garaufis dismissing eminent domain case.
March 2008
Bruce Ratner tells the New York Times that the economy will delay Atlantic Yards, but claims the arena is on track.
May 2008
DDDB and BrooklynSpeaks hold a joint rally calling for a “time-out” on the project to reassess it.
In a Daily News op-ed, Bruce Ratner says the project is “anticipated” to be finished by 2018, a ten-year time period, just starting a bit late.
New designs by Gehry concern only the arena block, not the full project.
MAS releases mock-up image of “Atlantic Lots,” suggesting (and exaggerating) the impact of lingering surface parking.
June 2008
Forest City and allies sponsor “Brooklyn Day” rally at Borough Hall supporting the project.
U.S. Supreme Court declines to allow eminent domain appeal.
U.S. Treasury Department proposes disallowing certain forms of tax-exempt financing, which could jeopardize the bond issue to build the Brooklyn arena.
August 2008
New eminent domain challenge filed in New York state court has additional claim to avoid charges of redundancy.
September 2008
Oral argument before Appellate Division in DDDB’s appeal of Justice Madden’s decision in environmental review case shows some judges skeptical of the ESDC's arguments.
Beginning of national recession.
October 2008
Stock market plunges. Forest City Enterprises stock drops. Company begins laying off staff nationally, including in New York.
Landscape architect Olin confirms he is no longer with project.
U.S. Treasury Department agrees to grandfather in financing plan for Atlantic Yards arena, saving the developer hundreds of millions of dollars, given the ability to have tax-exempt bonds rather than taxable ones.
November 2008
Barclays recommits to naming rights deal, but--as we'll learn--it has been renegotiated.
Ratner drops Gehry plan (though the architect's departure is not publicly revealed for months); decides to build smaller arena, decoupled from towers around it, which previously were to be built simultaneously.
December 2008
Forest City Enterprises announces it will slow nearly all development nationally and halt its dividend.
Gehry lays off nearly all his Atlantic Yards staff.
February 2009
State appellate court rejects challenge to Madden decision rejecting challenge to environmental review, though one judge files a scathing concurrence.
Oral argument in state eminent domain case, in appellate court, with judges skeptical of challenge.
March 2009
Forest City announces losses, but says arena will go forward.
May 2009
Appellate Division judges reject eminent domain case.
State Senate holds first state legislative oversight hearing regarding Atlantic Yards; MTA executive reveals they will accept a smaller replacement railyard, thus saving the developer money.
Forest City Enterprises raises more than $300 million by selling new shares.
June 2009
Gehry officially dropped from project; new Ellerbe Becket-designed arena revealed. resembling their arena in Indianapolis. It seems too small for major league hockey.
MTA approves proposal for revised deal for railyard rights, requiring $20 million down, and allowing 21 years to pay the remainder of the $100 million, at a gentle interest rate.
ESDC approves revised project plan, allowing for delays in Forest City's payments for private property acquired via eminent domain, and acknowledging the project could be delayed. New Technical Memorandum agrees that no Supplemental Environmental Impact Statement (Supplemental EIS)--which could delay the bond sale--is required.
State Court of Appeals agrees to hear appeal in eminent domain case.
July 2009
ESDC holds public question-and-answer session, with Forest City. It gets raucous.
ESDC holds public hearing on new project plan; BrooklynSpeaks and elected officials call for a Supplemental EIS—to assess project changes.
September 2009
Forest City releases new design for the arena, with buzzy architectural firm SHoP wrapping the Ellerbe Becket design with a pre-rusted metal skin, and a new oculus; new arena plaza is said to be temporary (but, ultimately, seems permanent). Ouroussoff gives two cheers to the design.
New York City Independent Budget Office says the revised project plan means a net loss to the city.
Council of Brooklyn Neighborhoods, a community coalition, releases report by an independent real estate analyst that says Atlantic Yards cannot be completed by 2019 and more likely will take until at least 2029.
ESDC approves revised project plan; cites new report by KPMG that says it's not unreasonable that the project could be built in ten years, by 2019.
ESDC releases Technical Memo saying there's no need for a Supplemental EIS.
Russian oligarch Mikhail Prokhorov announced as new majority owner of the Nets, minority owner of the arena operating company.
October 2009
Oral argument at New York Court of Appeals in Albany for eminent domain appeal.
DDDB and other community groups sue ESDC and Forest City in state court, aiming to annul the recent re-approval of the project and require a Supplemental EIS.
DDDB and legislators sue the MTA in state court, aiming to overturn its revision of the Vanderbilt Yard deal.
November 2009
BrooklynSpeaks and allies also file suit challenging the re-approval of the project and requiring a Supplemental EIS. (The Municipal Art Society has left BrooklynSpeaks.) The case will be combined with the DDDB case.
Mayor Bloomberg, after getting term limits overturned, is elected for a third term. Brooklyn Borough President Markowitz is also elected for a third term. Brooklyn Council Member Bill de Blasio is elected Public Advocate.
New York State Court of Appeals dismisses eminent domain challenge, 6-1, though the dissenter makes some strong points.
New ESDC-created entity, Brooklyn Arena Local Development Corporation, approves tax-exempt bonds for the project.
December 2009
Justice Michael Stallman, with no oral arguments, dismisses case challenging MTA’s project approval.
Project documents, including Development Agreement, signed in master closing that involves Forest City and ESDC.
Arena bonds sold; documents show arena naming rights deal is just $200 million.
2010-2012: Arena Launch, Timetable Questions, Arena Opening, Modular Gambit
January 2010
State Supreme Court Justice Marcy Friedman hears oral argument in combined lawsuits challenging the ESDC’s re-approval of the project.
Development Agreement released, reveals generous deadlines for project phases, including 25 years to finish the project. Later, we learn that "affordable housing" is defined merely as units subject to income-targeted government programs, not the configuration promised in the ACORN deal.
Those facing condemnation file a new suit in state court, arguing that changes in the project invalidate the eminent domain findings in 2006. State Supreme Court Justice Abe Gerges hears oral argument.
March 2010
Justice Gerges rejects challenges, says no new eminent domain findings are necessary. Eminent domain approved, so title to remaining properties--including Goldstein's condo--goes to ESDC.
Justice Friedman dismisses challenge to project re-approval.
Forest City holds arena groundbreaking, with representatives of Barclays, Jay-Z and many more in attendance.
April 2010
At hearing regarding potential eviction of condemnees, Justice Gerges hammers out settlement in which Goldstein agrees to leave his condo within a month. His $3 million settlement is highly contested.
May 2010
National Basketball Association approves Prokhorov as majority owner of the Nets.
June 2010
Forest City announces concrete has been poured for the arena.
Justice Friedman hears oral argument as community groups aim to re-open the case challenging the project approval, based on the delayed release of the Development Agreement and the timetable it discloses.
August 2010
Condemnees sue in state court, before Justice Gerges, asking for new eminent domain findings.
September 2010
Justice Gerges dismisses case requesting new eminent domain findings.
Bruce Ratner tells WNYC that the project would not be built in ten years. Deputy Gilmartin says the first tower will start in spring 2011. (It won't.)
Forest City, using a private entity called the New York City Regional Center, begins seeking investors in China who are willing to lend $500,000 each at a low interest rate in exchange for green cards, in an investor visa program called EB-5. They aim to raise $249 million. (Ultimately, they raise $228 million.)
November 2010
Justice Friedman rules that ESDC failed to analyze the impact of Development Agreement. She orders the state authority to issue new findings on whether a Supplemental EIS is needed.
In the Footprint: The Battle Over Atlantic Yards, fact-based investigative musical/theater project by The Civilians, debuts at a theater in Brooklyn.
December 2010
ESDC board agrees that no Supplemental EIS is needed, issues new Technical Analysis.
March 2011
Oral argument before Justice Friedman in case regarding need for a Supplemental EIS.
New York Times reports that Forest City aims to build the world’s tallest tower using modular technology, producing prefabricated apartment sections in a factory. Forest City plans to build the entire Atlantic Yards project this way, saving money and time, and developing a new business line.
May 2011
Civic groups announce Atlantic Yards Watch, a web-based effort to monitor construction and operational impacts. Forest City opposes a bill to create a state subsidiary overseeing Atlantic Yards, saying bureaucracy would cause delays.
June 2011
Release of documentary film Battle for Brooklyn, chronicling challenges to the project, focusing on Goldstein's crusade, and leaving a sense that the project is tainted.
July 2011
Justice Friedman agrees with challengers, orders ESDC to conduct a Supplemental EIS, but limited to the second phase of the project, excluding the arena block.
November 2011
Forest City releases renderings by SHoP for three towers (B2, B3, B4) flanking the arena. It seems clear that B1 (aka “Miss Brooklyn”), the giant tower planned for what will become the arena plaza, will not be built, since construction would interfere with arena operations.
February 2012
Construction hours for the arena and infrastructure are extended, to meet the September 2012 deadline.
Forest City and ESDC appeal Justice Friedman’s ruling in appellate court.
April 2012
Appellate court upholds Justice Friedman, requires Supplemental EIS.
Brooklyn Nets reveal marketing plan, with #HelloBrooklyn hashtag and new logo, plus new-for-the-NBA black-and-white uniforms, said to be designed by Jay-Z (but not really).
July 2012
Aiming to open big, Brooklyn Nets spend big money, re-sign Deron Williams, trade for Joe Johnson, sacrifice draft picks.
2010-2012: Arena Launch, Timetable Questions, Arena Opening, Modular Gambit
January 2010
State Supreme Court Justice Marcy Friedman hears oral argument in combined lawsuits challenging the ESDC’s re-approval of the project.
Development Agreement released, reveals generous deadlines for project phases, including 25 years to finish the project. Later, we learn that "affordable housing" is defined merely as units subject to income-targeted government programs, not the configuration promised in the ACORN deal.
Those facing condemnation file a new suit in state court, arguing that changes in the project invalidate the eminent domain findings in 2006. State Supreme Court Justice Abe Gerges hears oral argument.
March 2010
Justice Gerges rejects challenges, says no new eminent domain findings are necessary. Eminent domain approved, so title to remaining properties--including Goldstein's condo--goes to ESDC.
Justice Friedman dismisses challenge to project re-approval.
Forest City holds arena groundbreaking, with representatives of Barclays, Jay-Z and many more in attendance.
April 2010
At hearing regarding potential eviction of condemnees, Justice Gerges hammers out settlement in which Goldstein agrees to leave his condo within a month. His $3 million settlement is highly contested.
May 2010
National Basketball Association approves Prokhorov as majority owner of the Nets.
June 2010
Forest City announces concrete has been poured for the arena.
Justice Friedman hears oral argument as community groups aim to re-open the case challenging the project approval, based on the delayed release of the Development Agreement and the timetable it discloses.
August 2010
Condemnees sue in state court, before Justice Gerges, asking for new eminent domain findings.
September 2010
Justice Gerges dismisses case requesting new eminent domain findings.
Bruce Ratner tells WNYC that the project would not be built in ten years. Deputy Gilmartin says the first tower will start in spring 2011. (It won't.)
Forest City, using a private entity called the New York City Regional Center, begins seeking investors in China who are willing to lend $500,000 each at a low interest rate in exchange for green cards, in an investor visa program called EB-5. They aim to raise $249 million. (Ultimately, they raise $228 million.)
November 2010
Justice Friedman rules that ESDC failed to analyze the impact of Development Agreement. She orders the state authority to issue new findings on whether a Supplemental EIS is needed.
In the Footprint: The Battle Over Atlantic Yards, fact-based investigative musical/theater project by The Civilians, debuts at a theater in Brooklyn.
December 2010
ESDC board agrees that no Supplemental EIS is needed, issues new Technical Analysis.
March 2011
Oral argument before Justice Friedman in case regarding need for a Supplemental EIS.
New York Times reports that Forest City aims to build the world’s tallest tower using modular technology, producing prefabricated apartment sections in a factory. Forest City plans to build the entire Atlantic Yards project this way, saving money and time, and developing a new business line.
May 2011
Civic groups announce Atlantic Yards Watch, a web-based effort to monitor construction and operational impacts. Forest City opposes a bill to create a state subsidiary overseeing Atlantic Yards, saying bureaucracy would cause delays.
June 2011
Release of documentary film Battle for Brooklyn, chronicling challenges to the project, focusing on Goldstein's crusade, and leaving a sense that the project is tainted.
July 2011
Justice Friedman agrees with challengers, orders ESDC to conduct a Supplemental EIS, but limited to the second phase of the project, excluding the arena block.
November 2011
Forest City releases renderings by SHoP for three towers (B2, B3, B4) flanking the arena. It seems clear that B1 (aka “Miss Brooklyn”), the giant tower planned for what will become the arena plaza, will not be built, since construction would interfere with arena operations.
February 2012
Construction hours for the arena and infrastructure are extended, to meet the September 2012 deadline.
Forest City and ESDC appeal Justice Friedman’s ruling in appellate court.
April 2012
Appellate court upholds Justice Friedman, requires Supplemental EIS.
Brooklyn Nets reveal marketing plan, with #HelloBrooklyn hashtag and new logo, plus new-for-the-NBA black-and-white uniforms, said to be designed by Jay-Z (but not really).
July 2012
Aiming to open big, Brooklyn Nets spend big money, re-sign Deron Williams, trade for Joe Johnson, sacrifice draft picks.
August 2012
City housing agency and Forest City wrestle over affordability in first tower.
September 2012
Barclays Center ribbon-cutting event involves Prokhorov.
Arena opens with string of eight concerts by Jay-Z. Traffic flows, partly because the police override traffic lights.
October 2012
Barbra Streisand concert is one of several major arena events.
New York Islanders owner Charles Wang says the hockey team will move from the outdated Nassau Coliseum to Brooklyn in Fall 2015 under an “ironclad” 25-year lease. Despite Barclays' flaws for hockey, the team has to keep its TV contract and stay accessible to its fan base..
November 2012
Brooklyn Nets’ first home game is delayed by Superstorm Sandy, though team and arena executives initially aimed to hold the game even with the subway shut down.
December 2012
Groundbreaking ceremony for modular tower, B1, to be named 461 Dean Street. Forest City partners with Skanska on a modular factory at the Brooklyn Navy Yard, and Skanska will construct the building.
Barclays Center ribbon-cutting event involves Prokhorov.
Arena opens with string of eight concerts by Jay-Z. Traffic flows, partly because the police override traffic lights.
October 2012
Barbra Streisand concert is one of several major arena events.
New York Islanders owner Charles Wang says the hockey team will move from the outdated Nassau Coliseum to Brooklyn in Fall 2015 under an “ironclad” 25-year lease. Despite Barclays' flaws for hockey, the team has to keep its TV contract and stay accessible to its fan base..
November 2012
Brooklyn Nets’ first home game is delayed by Superstorm Sandy, though team and arena executives initially aimed to hold the game even with the subway shut down.
December 2012
Groundbreaking ceremony for modular tower, B1, to be named 461 Dean Street. Forest City partners with Skanska on a modular factory at the Brooklyn Navy Yard, and Skanska will construct the building.
2013-2014: Delays Loom, Modular Stall, New Investor, New (Affordable) Timetable
January 2013
City Council oversight hearing addresses modular factory; Council takes no action despite seemingly convincing claim that Department of Buildings ignored licensing requirements.
February 2013
Public hearing on Draft Scope for a Supplemental EIS.
June 2013
Brooklyn Nets trade three first-round draft picks to acquire aging Boston Celtics stars Kevin Garnett and Paul Pierce; team will have the league’s highest payroll.
August 2013
MTV holds Video Music Awards at Barclays Center, uses surrounding streets as backdrop, generating glee and alarm.
Forest City announces plan to sell at least half of the Atlantic Yards project to an outside investor.
Ratner’s group wins bid to modernize and downsize the Nassau Coliseum, which the hockey Islanders will be leaving. Prokhorov will become main owner of that group.
September 2013
Justice Friedman grants attorneys’ fees to lawyers who brought case calling for a Supplemental EIS, again endorsing that challenge.
October 2013
Forest City says it will sell 70 percent of the project going forward, excepting the arena company and the modular tower, to Greenland USA, an arm of the Shanghai-based conglomerate Greenland Holding Co, known for major projects across China and in major cities around the world. No price is announced.
November 2013
Bill de Blasio elected New York City Mayor; Letitia James elected Public Advocate. Laurie Cumbo elected 35th District Council Member. Eric Adams elected Brooklyn Borough President.
December 2013
Forest City Enterprises reports a $242 million impairment—loss in value—of its Atlantic Yards investment. Greenland will pay $200 million for its 70% share, well below the cost to Forest City.
Justice Eileen Rakower dismisses legal challenge, by industry groups representing plumbing and mechanical contractors, to the Department of Buildings’ acceptance of Forest City's modular plan.
January 2014
Forest City makes its second effort to raise money via EB-5, $249 million in “Atlantic Yards II,” with the U.S. Immigration Fund/NY Regional Center as its partner.
February 2014
Final Scope for a Supplemental EIS released; delay seems aimed to accommodate pending Greenland deal.
March 2014
Draft Supplemental EIS released. It discloses that expected school will be built not on the railyard but on a site across the street from the arena. It suggests--debatably--that the project will not lead to indirect displacement.
The Municipal Art Society, distant from its Atlantic Yards critique, announces that Bruce Ratner and MaryAnne Gilmartin have won the organization’s highest honor, the Jacqueline Kennedy Onassis Medal.
April 2014
Forest City and Greenland say they will add install a secondary green roof on the Barclays Center to add an amenity for neighbors, and bring back the original, discarded plan. The real reason is to tamp down on bass-heavy noise escaping the structure from certain concerts.
May 2014
Public hearing on Draft Supplemental EIS.
June 2014
Greenland sale closes. Gov. Andrew Cuomo announces settlement with community groups (organized by BrooklynSpeaks) that threatened a lawsuit regarding the project timetable on fair housing grounds; it would've claimed that delays in the project disadvantaged Black residents displaced from the surrounding Community Districts before they could take advantage of the preference for locals in the affordable housing lotteries.
January 2013
City Council oversight hearing addresses modular factory; Council takes no action despite seemingly convincing claim that Department of Buildings ignored licensing requirements.
February 2013
Public hearing on Draft Scope for a Supplemental EIS.
June 2013
Brooklyn Nets trade three first-round draft picks to acquire aging Boston Celtics stars Kevin Garnett and Paul Pierce; team will have the league’s highest payroll.
August 2013
MTV holds Video Music Awards at Barclays Center, uses surrounding streets as backdrop, generating glee and alarm.
Forest City announces plan to sell at least half of the Atlantic Yards project to an outside investor.
Ratner’s group wins bid to modernize and downsize the Nassau Coliseum, which the hockey Islanders will be leaving. Prokhorov will become main owner of that group.
September 2013
Justice Friedman grants attorneys’ fees to lawyers who brought case calling for a Supplemental EIS, again endorsing that challenge.
October 2013
Forest City says it will sell 70 percent of the project going forward, excepting the arena company and the modular tower, to Greenland USA, an arm of the Shanghai-based conglomerate Greenland Holding Co, known for major projects across China and in major cities around the world. No price is announced.
November 2013
Bill de Blasio elected New York City Mayor; Letitia James elected Public Advocate. Laurie Cumbo elected 35th District Council Member. Eric Adams elected Brooklyn Borough President.
December 2013
Forest City Enterprises reports a $242 million impairment—loss in value—of its Atlantic Yards investment. Greenland will pay $200 million for its 70% share, well below the cost to Forest City.
Justice Eileen Rakower dismisses legal challenge, by industry groups representing plumbing and mechanical contractors, to the Department of Buildings’ acceptance of Forest City's modular plan.
January 2014
Forest City makes its second effort to raise money via EB-5, $249 million in “Atlantic Yards II,” with the U.S. Immigration Fund/NY Regional Center as its partner.
February 2014
Final Scope for a Supplemental EIS released; delay seems aimed to accommodate pending Greenland deal.
March 2014
Draft Supplemental EIS released. It discloses that expected school will be built not on the railyard but on a site across the street from the arena. It suggests--debatably--that the project will not lead to indirect displacement.
The Municipal Art Society, distant from its Atlantic Yards critique, announces that Bruce Ratner and MaryAnne Gilmartin have won the organization’s highest honor, the Jacqueline Kennedy Onassis Medal.
April 2014
Forest City and Greenland say they will add install a secondary green roof on the Barclays Center to add an amenity for neighbors, and bring back the original, discarded plan. The real reason is to tamp down on bass-heavy noise escaping the structure from certain concerts.
May 2014
Public hearing on Draft Supplemental EIS.
June 2014
Greenland sale closes. Gov. Andrew Cuomo announces settlement with community groups (organized by BrooklynSpeaks) that threatened a lawsuit regarding the project timetable on fair housing grounds; it would've claimed that delays in the project disadvantaged Black residents displaced from the surrounding Community Districts before they could take advantage of the preference for locals in the affordable housing lotteries.
The settlement includes a new May 2025 deadline for affordable housing and commitment for two “100 percent affordable” towers. Unmentioned: most of the below-market units will be for middle-income households.
The settlement also includes agreement to organize a new advisory body, the Atlantic Yards Community Development Corporation (AY CDC), that is supposed to meet quarterly.
August 2014
Greenland Forest City renames the project Pacific Park Brooklyn, likely to avoid the stigma and controversy connected to Atlantic Yards.
Skanska threatens to stop building modular tower unless Forest City pays cost overruns. Skanska shuts down factory.
Mayor de Blasio leads a pep rally aimed to convince the Democratic National Committee to hold the 2016 presidential nominating convention at the Barclays Center. (Philadelphia is chosen.)
September 2014
Forest City, Skanska file dueling lawsuits over modular tower.
October 2014
Brooklyn Nets’ visit to China helps Greenland Forest City Partners raise $100 million more in EB-5 funds, in “Atlantic Yards III,” again with U.S. Immigration Fund/NY Regional Center.
November 2014
Forest City buys out Skanska’s stake in modular tower, aims to restart construction.
December 2014
Groundbreaking for 535 Carlton, “100 percent affordable,” and 550 Vanderbilt, a condo building, both designed by CookFox.
The settlement also includes agreement to organize a new advisory body, the Atlantic Yards Community Development Corporation (AY CDC), that is supposed to meet quarterly.
August 2014
Greenland Forest City renames the project Pacific Park Brooklyn, likely to avoid the stigma and controversy connected to Atlantic Yards.
Skanska threatens to stop building modular tower unless Forest City pays cost overruns. Skanska shuts down factory.
Mayor de Blasio leads a pep rally aimed to convince the Democratic National Committee to hold the 2016 presidential nominating convention at the Barclays Center. (Philadelphia is chosen.)
September 2014
Forest City, Skanska file dueling lawsuits over modular tower.
October 2014
Brooklyn Nets’ visit to China helps Greenland Forest City Partners raise $100 million more in EB-5 funds, in “Atlantic Yards III,” again with U.S. Immigration Fund/NY Regional Center.
November 2014
Forest City buys out Skanska’s stake in modular tower, aims to restart construction.
December 2014
Groundbreaking for 535 Carlton, “100 percent affordable,” and 550 Vanderbilt, a condo building, both designed by CookFox.
2015-2018: Initial Construction, Forest City Stall, Upheaval, and Exit, New Nets Owner
February 2015
Forest City says it faces a $146 million impairment (loss in value) on modular tower.
Atlantic Yards Community Development Corporation (AY CDC) finally begins its quarterly meetings, though initial Board Members include signatories of the Community Benefits Agreement. The executive director is Tobi Jaiyesimi, who has no real-estate experience, as originally requested.
June 2015
Forest City unveils the design of the project open space, with master plan by new landscape architect Thomas Balsley.
August 2015
State documents reveal leaks and mold in the modular tower.
September 2015
Greenland Forest City unveils plans for 615 Dean Street (B12), designed by KPF, but tower does not launch.
ESDC says it has begun the final condemnations, of Modell’s and P.C. Richard at Site 5, but the latter stalls the action in court.
October 2015
New York Islanders start play at Barclays Center. An off-center scoreboard, limited-view seats, and disrespect for the team's traditions, plus an awkward commute, provoke fans' ire.
December 2015
Greenland Forest City announces plans for 664 Pacific (B15), a tower that would include a middle school, designed by Marvel Architects, but the building does not start. (It will later be 662 Pacific.)
January 2016
Forest City closes sale of its remaining interest in the Nets and the arena to Prokhorov, with an implied value of $875 million for the Nets and $825 million for the arena.
Forest City Enterprises becomes a dividend-paying real estate investment trust (REIT), focusing on operations rather than development, and changes its name to Forest City Realty Trust.
February 2016
Greenland Forest City reveals plans to build giant tower at Site 5, once it gets ESDC to transfer the development rights from the B1 tower (“Miss Brooklyn”) once slated for the arena plaza.
April 2016
Jaiyesimi, executive director of the Atlantic Yards Community Development Corporation, becomes ESDC’s Atlantic Yards/Pacific Park Project Director, thus essentially advising herself.
Greenland Forest City announces plan to market three sites (B4, B12, B13) to outside investors.
July 2016
The Real Deal reports that Forest City Ratner has lost 20 percent of its employees, to layoffs or departures.
August 2016
ESDC/BALDC approves refinancing of the arena bonds, saving arena operator Prokhorov $90 million, thanks to lower interest rates.
October 2016
Forest City sells the modular factory to former executive Roger Krulak’s firm, Full Stack Modular, perhaps in a fire sale.
November 2016
Modular tower 461 Dean finally opens, after nearly four years of construction rather than two.
Forest City announces losses on Pacific Park, says it has stalled new vertical construction on Pacific Park, citing glut of rental housing, rising construction cost, and uncertainties regarding 421-a tax break. Greenland does not comment, so it's not clear if it's a joint decision.
Hedge funds pressure Forest City Realty Trust to reform its dual class share structure and its family-controlled board, based in part on losses from Atlantic Yards/Pacific Park.
December 2016
Forest City Realty Trust agrees to a single-class share structure and a board majority of non-family members.
March 2017
Forest City Ratner becomes Forest City New York.
April 2017
Nassau Coliseum reopens, as "NYCB LIVE, home of the Nassau Veterans Memorial Coliseum Presented By New York Community Bank.” It has no anchor tenant, despite previous pledges to host a minor league hockey team.
In the housing lottery for 535 Carlton, I find a huge mismatch between the small number of applicants for middle-income units and the enormous number of applicants for low-income units.
Less than two blocks northwest of the arena plaza, developer Alloy announces plans for giant 80 Flatbush project, with two towers and two schools, which is eventually approved with only minor reductions.
June 2017
Grand opening for "100% affordable" 535 Carlton, partly scripted by the developer.
July 2017
Greenland Forest City gets new broker, Nest Seekers International, to sell condos at 550 Vanderbilt, after a sales slowdown.
Three sites (B4, B12, B13) are no longer being marketed to outside investors.
September 2017
Forest City Realty Trust announces strategic review to increase shareholder value, which could include a merger or sales of specific assets.
October 2017
Unable to fill middle-income units at 535 Carlton (and 461 Dean), Greenland Forest City is forced to open marketing beyond the official housing lottery.
Joseph Tsai, a Taiwanese-Canadian billionaire who made his fortune as co-founder of the Chinese company Alibaba, agrees to buy 49 percent of the Nets, and then buy the rest in three years, at a valuation of $2.3 billion. It's a big payday for Prokhorov but also a fixed price for Tsai.
November 2017
Forest City says it will sell the modular building, 461 Dean.
December 2017
The Islanders-Barclays deal has an opt-out clause. Islanders win bid to construct new arena at Belmont Park; it should open in 2021. Barclays Center, whose operators also operate the Nassau Coliseum, push for the Islanders to play all their games during the interim at the Nassau venue.
January 2018
Forest City announces it will sell all but 5% of the project going forward to Greenland USA. It will retain its 30% of the three towers built by the joint venture.
CEO MaryAnne Gilmartin leaves Forest City to co-found new firm, L&L MAG, with two new deputies, aiming to pursue ground-up development.
Forest City New York has third round of layoffs.
Gov. Cuomo announces Islanders will split next three seasons at Nassau Coliseum and Barclays Center, and offers $6 million in state funds to upgrade the Coliseum for hockey.
Developer Hope Street Capital announces 550 Clinton, 312-foot tower catercorner to northeast corner of Atlantic Yards site.
March 2018
Forest City sells 461 Dean to Principal Global Investors.
Forest City Realty Trust announces it has decided against selling the company, but it will revamp its board, with 9 of 13 board members being replaced. The extended Ratner family will have only two board designees, not four.
May 2018
First retail tenants at 550 Vanderbilt announced.
June 2018
No price announced for Forest City/Greenland deal, as it closes. Later evidence suggests no money changes hands.
August 2018
Forest City Realty Trust board agrees narrowly to be acquired by Brookfield, subject to shareholder vote.
Renters at 535 Carlton can get two months free.
Developer admits Pacific Park should take until 2035.
September 2018
Drama and dissent at Forest City's board revealed over Brookfield deal.
New development partners, TF Cornerstone and the Brodsky Organization, will lease development rights and build towers at three sites: B12, B13, and B15.
February 2015
Forest City says it faces a $146 million impairment (loss in value) on modular tower.
Atlantic Yards Community Development Corporation (AY CDC) finally begins its quarterly meetings, though initial Board Members include signatories of the Community Benefits Agreement. The executive director is Tobi Jaiyesimi, who has no real-estate experience, as originally requested.
June 2015
Forest City unveils the design of the project open space, with master plan by new landscape architect Thomas Balsley.
August 2015
State documents reveal leaks and mold in the modular tower.
September 2015
Greenland Forest City unveils plans for 615 Dean Street (B12), designed by KPF, but tower does not launch.
ESDC says it has begun the final condemnations, of Modell’s and P.C. Richard at Site 5, but the latter stalls the action in court.
October 2015
New York Islanders start play at Barclays Center. An off-center scoreboard, limited-view seats, and disrespect for the team's traditions, plus an awkward commute, provoke fans' ire.
December 2015
Greenland Forest City announces plans for 664 Pacific (B15), a tower that would include a middle school, designed by Marvel Architects, but the building does not start. (It will later be 662 Pacific.)
January 2016
Forest City closes sale of its remaining interest in the Nets and the arena to Prokhorov, with an implied value of $875 million for the Nets and $825 million for the arena.
Forest City Enterprises becomes a dividend-paying real estate investment trust (REIT), focusing on operations rather than development, and changes its name to Forest City Realty Trust.
February 2016
Greenland Forest City reveals plans to build giant tower at Site 5, once it gets ESDC to transfer the development rights from the B1 tower (“Miss Brooklyn”) once slated for the arena plaza.
April 2016
Jaiyesimi, executive director of the Atlantic Yards Community Development Corporation, becomes ESDC’s Atlantic Yards/Pacific Park Project Director, thus essentially advising herself.
Greenland Forest City announces plan to market three sites (B4, B12, B13) to outside investors.
July 2016
The Real Deal reports that Forest City Ratner has lost 20 percent of its employees, to layoffs or departures.
August 2016
ESDC/BALDC approves refinancing of the arena bonds, saving arena operator Prokhorov $90 million, thanks to lower interest rates.
October 2016
Forest City sells the modular factory to former executive Roger Krulak’s firm, Full Stack Modular, perhaps in a fire sale.
November 2016
Modular tower 461 Dean finally opens, after nearly four years of construction rather than two.
Forest City announces losses on Pacific Park, says it has stalled new vertical construction on Pacific Park, citing glut of rental housing, rising construction cost, and uncertainties regarding 421-a tax break. Greenland does not comment, so it's not clear if it's a joint decision.
Hedge funds pressure Forest City Realty Trust to reform its dual class share structure and its family-controlled board, based in part on losses from Atlantic Yards/Pacific Park.
December 2016
Forest City Realty Trust agrees to a single-class share structure and a board majority of non-family members.
March 2017
Forest City Ratner becomes Forest City New York.
April 2017
Nassau Coliseum reopens, as "NYCB LIVE, home of the Nassau Veterans Memorial Coliseum Presented By New York Community Bank.” It has no anchor tenant, despite previous pledges to host a minor league hockey team.
In the housing lottery for 535 Carlton, I find a huge mismatch between the small number of applicants for middle-income units and the enormous number of applicants for low-income units.
Less than two blocks northwest of the arena plaza, developer Alloy announces plans for giant 80 Flatbush project, with two towers and two schools, which is eventually approved with only minor reductions.
June 2017
Grand opening for "100% affordable" 535 Carlton, partly scripted by the developer.
July 2017
Greenland Forest City gets new broker, Nest Seekers International, to sell condos at 550 Vanderbilt, after a sales slowdown.
Three sites (B4, B12, B13) are no longer being marketed to outside investors.
September 2017
Forest City Realty Trust announces strategic review to increase shareholder value, which could include a merger or sales of specific assets.
October 2017
Unable to fill middle-income units at 535 Carlton (and 461 Dean), Greenland Forest City is forced to open marketing beyond the official housing lottery.
Joseph Tsai, a Taiwanese-Canadian billionaire who made his fortune as co-founder of the Chinese company Alibaba, agrees to buy 49 percent of the Nets, and then buy the rest in three years, at a valuation of $2.3 billion. It's a big payday for Prokhorov but also a fixed price for Tsai.
November 2017
Forest City says it will sell the modular building, 461 Dean.
December 2017
The Islanders-Barclays deal has an opt-out clause. Islanders win bid to construct new arena at Belmont Park; it should open in 2021. Barclays Center, whose operators also operate the Nassau Coliseum, push for the Islanders to play all their games during the interim at the Nassau venue.
January 2018
Forest City announces it will sell all but 5% of the project going forward to Greenland USA. It will retain its 30% of the three towers built by the joint venture.
CEO MaryAnne Gilmartin leaves Forest City to co-found new firm, L&L MAG, with two new deputies, aiming to pursue ground-up development.
Forest City New York has third round of layoffs.
Gov. Cuomo announces Islanders will split next three seasons at Nassau Coliseum and Barclays Center, and offers $6 million in state funds to upgrade the Coliseum for hockey.
Developer Hope Street Capital announces 550 Clinton, 312-foot tower catercorner to northeast corner of Atlantic Yards site.
March 2018
Forest City sells 461 Dean to Principal Global Investors.
Forest City Realty Trust announces it has decided against selling the company, but it will revamp its board, with 9 of 13 board members being replaced. The extended Ratner family will have only two board designees, not four.
May 2018
First retail tenants at 550 Vanderbilt announced.
June 2018
No price announced for Forest City/Greenland deal, as it closes. Later evidence suggests no money changes hands.
August 2018
Forest City Realty Trust board agrees narrowly to be acquired by Brookfield, subject to shareholder vote.
Renters at 535 Carlton can get two months free.
Developer admits Pacific Park should take until 2035.
September 2018
Drama and dissent at Forest City's board revealed over Brookfield deal.
New development partners, TF Cornerstone and the Brodsky Organization, will lease development rights and build towers at three sites: B12, B13, and B15.
October 2018
A reality TV show starring broker Ryan Serhant, Million Dollar Listing, distorts the story of 550 Vanderbilt.
Key member of founding Ratner family opposes Forest City's acquisition by Brookfield.
Two signs of change at the diminished Brooklyn Paper: a pink cover, and a "Brownstoner corner." The loss of an editor and more Schneps-i-fication.
November 2018
Forest City Realty Trust shareholders, by significant margin, approve acquisition by Brookfield. It will be the end of a standalone company founded in 1920.
December 2018
New York's bid for Amazon's #HQ2 in Brooklyn offered two Atlantic Yards/Pacific Park sites, B4 and Site 5, plus towers over Atlantic Center mall. Instead, Amazon chose to split its new campus between Virginia and Long Island City, before backing out of the latter.
My article details a claimed 20% off "flash sale" at 550 Vanderbilt.
New York Magazine's Justin Davidson, writing on potential development at Sunnyside Yard, suggests that the "perpetually troubled" Atlantic Yards/Pacific Park "offers another case study in what to avoid."
2019-2021: New Developers Enter, Middle-Income Focus, Railyard Platform Delayed
January 2019
NewYork-Presbyterian opens health center at 38 Sixth, but it doesn't really fulfill the Atlantic Yards Community Benefits Agreement, which said the health center was supposed to help the needy.
Briefly, some middle-income units at "affordable" 535 Carlton come with three months free rent as a concession. One resident says she's happy, though not getting a great bargain.
February 2019
Where a substance abuse treatment program operated on Flatbush is now Brooklyn's first medical marijuana dispensary.
The Islanders will play home games for the playoffs' first round at the Nassau Coliseum, but any further home games will be played at Barclays Center, "reflecting that the Nassau Coliseum does not qualify as an NHL major league facility."
In a victory for P.C. Richard and a delay for a planned tower complex at Site 5, a state judge rebukes original project developer Forest City, saying it reneged on a promise to provide the retailer replacement space at the site.
March 2019
With 25% affordability (at least) in four buildings starting in 2019 and 2020, still a heavy lift needed to meet May 2025 deadline of 2,250 total units.
Atlantic Yards CDC doesn't get chance to hire its own consultants on project changes, as per 2018 proposal. Advisory body can't get updated building-by-building timetable.
April 2019
My article in City Limits, Ever-Shifting Pacific Park Plan Highlights Uncertainty of Big Development Schemes, cites an unconfirmed plan to meet the affordable housing deadline with a "100% affordable" tower.
While Greenland is the majority shareholder, The Brodsky Organization “bought a significant piece and will manage development” of B4, 18 Sixth Avenue, according to Greenland.
May 2019
Third act: Bruce Ratner as "developer and philanthropist," catalyzing major Holocaust exhibition at the Museum of Jewish Heritage. Ball for Brooklyn: Barclays Center is site of Brooklyn library gala, where arena is honored. Ratner and BPL CEO Linda Johnson buy a Pierhouse condo in Brooklyn Bridge Park. (They later marry.)
Greenland USA executive says Vanderbilt Yard upgrade exceeds $200 million, as do projected platform costs.
June 2019
Three state legislators from Brooklyn ask state economic development chief Howard Zemsky him to explain how Pacific Park will deliver the required 2,250 affordable units by the approaching deadline of May 2025. No answer.
At Fifth Avenue and Dean Street near the arena, a one-time location for accountants will be home to Insomnia Cookies.
For B12 and B13, a big boost in unit count planned: from 542 apartments to 800, which means smaller units.
461 Dean, with new owners, no longer promotes Pacific Park, but offers astoundingly whimsical Brooklyn map.
July 2019
In dramatic fashion, Brooklyn Nets re-set NYC basketball fandom, signing free-agent stars Kevin Durant and Kyrie Irving. (Was the accessible practice facility, built in Sunset Park's Industry City, a factor?) It represents a new step in player empowerment.
Surprise! ESD will allow 96,000 square feet new below-grade space for a fitness center and field house under the B12 and B13 tower, calling it recreational space, replacing parking. Parking cut from 1,200 spaces to 1,000 provokes skepticism.
Instead of secured, indoor bike parking to serve Barclays Center attendees, new plan to add 56 outdoor, unsecured spaces to arena plaza, plus count existing 44 spaces at mall across the street.
August 2019
In The City, officials express doubts that affordable housing timetable will be met.
At Vanderbilt and Atlantic avenues, McDonald’s lot opposite Pacific Park flank eyed for high-rise; expected spot rezoning might exceed Community Board 8's still-significant broader plan.
Unusual Atlantic Yards CDC deadlock: board unwilling to recommend that parent ESD vote for (or against) new underground space. Is proposed below-ground "recreational" space really a swap for parking, as ESD claims? No way. ESD board predictably approves new space.
Tsai completes purchase of Nets, Barclays Center operating company, in faster-than-expected transaction. Arena CEO Brett Yormark leaves. Slate's Ben Mathis-Lilly suggests Prokhorov did "almost nothing" to increase the value of the Nets franchise, while the state and city governments deserve some of the upside.
Greenland USA's parent company has $550 million in unpaid notes. Cash crunch could constrain Pacific Park ambitions (and raise timetable questions). Wall Street Journal says it's time to sell newly hamstrung, debt-burdened Greenland.
September 2019
Construction on two sides of Sixth Avenue, medical facility drop-offs, and scofflaw parking cause continued pedestrian safety issues.
School Construction Authority surprise: middle school at B15 tower won't open until 2023, will house 800 students (not 640). Middle-school classes have more students.
In railyard, how far along is the platform? Some preliminary work is done, but the state either doesn't know or won't offer an assessment.
October 2019
State document from 2018 offers new hint of affordability strategy: towers over railyard with 50% affordable units. No confirmation, no info on Site 5.
Before public meeting, Greenland tells New York Post it will start railyard platform in 2020. That makes 2025 affordable goal more plausible, but doubts remain.
Atlantic Yards/Pacific Park seems to be at an inflection point, presenters at a BrooklynSpeaks forum say, and that should offer leverage for improvements in public benefits and public oversight.
The Schneps-ification of local media continues, as Brooklyn Paper owner buys amNewYork, free commuter paper. Gothamist offers a sobering look at Schneps, which buys the free commuter Metro to consolidate it with amNew York.
As big-ticket apartment prices drop, given larger state transfer tax, price cuts for Pacific Park condos.
In NBA firestorm over China, sparked by Houston GM's "Stand with Hong Kong" retweet, a reminder of the bottom line; Nets owner Tsai backs regime.
Barclays Center will get new (Tsai-owned) tenant: WNBA's New York Liberty, with at least 17 home games.
Brett Yormark joins twin Michael at Jay-Z's Roc Nation.
November 2019
New Nets/arena CEO David Levy claims Barclays Center will be active 285 days/year. But last 12 months had 146 ticketed events. Levy departs after two months, with enigmatic statement. (It may have been related to the China issue.)
Revealed: NYC's "agreed-upon discounts" for city properties and streets within Atlantic Yards/Pacific Park means $2.3 million valuation for five parcels.
Is Pacific Park really on “fast track”? First phase of new platform, document I acquire reveals, should take three years. That squeezes affordable housing timetable.
Construction at Site 5, catercorner to arena, possibly on horizon after agreement with P.C. Richard enables state to re-launch eminent domain.
Parking garages on project's southeast block were once to have three entrances. Now one entrance to serve 758 spaces.
B12 & B13 design from Handel Architects reflects brick and masonry, with one shared residential lobby (?) and underground connection. Open space on southeast block shifts quarter-acre lawn to center, between mostly market-rate towers. A homage to the Ward Bakery is planned.
Curbed calls Barclays Center among NYC’s 10 most important buildings of the past decade.
December 2019
Documents show design of B6 and B7 towers shifted toward Atlantic Avenue from Pacific Street, given use of "bump" for residential cellars. Otherwise, the platform would not allow cellars.
Stalled Triangle Sports building across from arena sells for $7 million; any profit tempered by seven years of stasis.
Gilmartin's firm leaves alliance with L&L, will now head MAG Partners.
Forbes: vault in Nets' value over the past decade is 773%, second only to that of the Warriors.
January 2020
The first group of EB-5 investors in Atlantic Yards has been repaid.
Yes, more Nets live in Brooklyn (and shop at Whole Foods).
Revealed: developer, at least according to one document, plans first three towers over railyard as "50% affordable." To meet housing deadline, that would be major challenge. So maybe one will be 100% affordable.
B12/B13 towers now said to start in spring; platform said to start sometime this year.
February 2020
Second look: the flaw in the traffic/parking analysis was to focus on Nets games rather than smaller events drawing more vehicles.
As Forbes ranks Brooklyn Nets #7 in NBA value, team operating income ranks #25 and revenue/fan #29.
Slogans change: from a "diverse neighborhood" with a school and park to "urban oasis in the center of Brooklyn" (and no longer "A Vision for Downtown Brooklyn").
Venue operators (including Barclays) must be wary, as coronavirus concerns could lead to "canceling mass gatherings."
March 2020
The end of Isles' hockey at Barclays: team returning full-time to Nassau Coliseum next year and for playoffs.
Greenland says it's "close to being ready" to announce progress on first phase of platform.
Uncharted territory: NBA suspends season and college tournament at Barclays canceled, due to the coronavirus pandemic. Tsai pledges that arena hourly employees will be paid through May (and ultimately through the year).
Site 5 is delayed, as P.C. Richard protests state condemnation claim, saying it wants issue of replacement space resolved first.
Gov. Cuomo shuts down construction, but leaves big exceptions, notably buildings with 20% or more affordable housing. Still, work at B4 and B15 shuts down temporarily, out of caution.
April 2020
New York State gets 2,000 ventilators donated, thanks to Nets owner Tsai, helped by Alibaba co-founder and Chinese government.
May 2020
Permits are filed for the B5 tower, the first (of six) expected over the Vanderbilt Yard, but that doesn't mean they'll get approved.
The centrally-located Barclays Center, with its privately managed, publicly accessible plaza, becomes the locus of protests against police brutality, after the police killing of George Floyd, a Black man, in Minneapolis.
June 2020
After ten days of protests against police brutality, and periodic criticism from protesters (plus some praise), the Barclays Center finally tamps down the incessant commercialism blaring from the oculus.
The first virtual Atlantic Yards/Pacific Park Quality of Life meeting is not very transparent.
After-hours construction permits have been sought to enable staggered start times and fewer workers at the same time.
My essay in Bklyner about the Barclays Center: "Brooklyn’s Accidental New Town Square." A New York Times article covers some of the same ground, less skeptically.
Upending the future of the New York Islanders, the Nassau Coliseum, already mothballed because of the coronavirus pandemic, will close indefinitely as arena operator Onexim Sports and Entertainment, which leases the building from Nassau County, has decided to get out of the business.
After five-and-a-half years of legal jousting over the ill-fated Brooklyn tower once said to revolutionize modular construction, Forest City Ratner Companies and Skanska USA Building settle their three lawsuits.
July 2020
How a quote from Angela Davis wound up on the arena plaza, at a transit entrance controlled by arena operators. Except maybe it isn't her quote.
The NBA season will restart in a "bubble" in Orlando.
Asked about the demise of the program identifying project workers by sticker, introduced after instances of harassment, Greenland says there were once six companies, now just two. Neighbors, though, are nervous, and ESD's project monitors don't track worker compliance with masks and social distancing.
The first virtual meeting of the advisory Atlantic Yards Community Development Corporation is very low key.
August 2020
Was the Brooklyn Nets sale really a record? Documents shared with investors in the Barclays Center construction bonds suggest a less impressive bottom line: the deal involved Prokhorov immediately giving up $345 million, which later translated into a Tsai rebate of about $300 million.
Construction of the long-awaited platform over the first block of the Vanderbilt Yard, necessary for the construction of three towers, "will commence" in the second half of the year, according to a memo from Greenland USA--though it's not accurate.
Was the Brooklyn Nets sale really a record? Documents shared with investors in the Barclays Center construction bonds suggest a less impressive bottom line: the deal involved Prokhorov immediately giving up $345 million, which later translated into a Tsai rebate of about $300 million.
As teams strike for racial justice, the NBA at a crossroads. The league pledges $300 million, or $1 million per team over ten years.
Separately, Joe and Clara Wu Tsai, whose BSE Global owns/operates the Brooklyn Nets, New York Liberty, and Barclays Center, pledge "$50 million over 10 years for social justice initiatives and community investments that will benefit the BIPOC (especially Black) community, with a priority on Brooklyn."
September 2020
In an Urban Omnibus essay, a protest organizer says Barclays Center "was totally appropriated for the protests."
October 2020
Developer Greenland Forest City Partners and state have gained crucial momentum, with permission to start the approval process at Site 5, to modify the guiding General Project Plan and allow that shift of bulk, even as legal jousting with P.C. Richard continues.
The lack of promised senior housing in Atlantic Yards/Pacific Park is glaring, as HPD plans for at least 80 units of affordable senior housing nearby on an underutilized city-owned site, 542 Dean Street, and unspecified plans for "another population in need" at a similar city-owned site, 516 Bergen Street. An online kickoff meeting is contentious.
The lack of promised senior housing in Atlantic Yards/Pacific Park is glaring, as HPD plans for at least 80 units of affordable senior housing nearby on an underutilized city-owned site, 542 Dean Street, and unspecified plans for "another population in need" at a similar city-owned site, 516 Bergen Street. An online kickoff meeting is contentious.
November 2020
It's stunning that, for at least four years, the developers of the 550 Vanderbilt condo building have implied that "Pacific Park" is somehow complete.
It's stunning that, for at least four years, the developers of the 550 Vanderbilt condo building have implied that "Pacific Park" is somehow complete.
Despite no announced plan for Site 5, there's an AKRF contract to "Continue to provide technical memorandum to support GPP [General Project Plan] modification for Atlantic Yards."
The chances of delivering all 2,250 units of required affordable housing in the Atlantic Yards/Pacific Park project by the May 31, 2025 deadline seem more questionable--though not impossible--given predictions in a recently produced document and the lack of progress on the required platform.
The chances of delivering all 2,250 units of required affordable housing in the Atlantic Yards/Pacific Park project by the May 31, 2025 deadline seem more questionable--though not impossible--given predictions in a recently produced document and the lack of progress on the required platform.
At meeting, few answers to the big questions around the project's fate, but there was solicitousness and evasiveness toward neighbors--working from home--experiencing construction noise and vibrations over very long days.
Downplayed: a spreadsheet of 17 reports from neighbors about loud, intrusive construction--some after-hours--that disturbs people's sleep and compromises their pandemic-constrained lives, including work and school from home.
The B4 tower, 18 Sixth Avenue, has topped out. Photo also shows new digital signage for the arena.
Community Board 8 is wary toward the proposed 18-story tower at site across Vanderbilt Avenue from Atlantic Yards, now mostly occupied by McDonalds.
Greenland USA says it has a contractor to build the first of two platforms over the Vanderbilt Yard, but has no start date.
As the Brooklyn Nets, clearly superior to the Knicks, contend for NBA supremacy, they dominate the tabloid back pages.
January 2021
 |
| Winning the back pages |
In latest six-month look-ahead, the developer hedged, telling state officials it may start first phase of platform this year.
School Construction Authority update: middle-school due September 2024 (not March).
Nets gain superstar guard James Harden from Houston, pay heavy price. They mortgaged the future because it's a business. With Harden debut, Nets dominate back pages.
What should those facing after-hours construction do? Well, ESD says, send email, which won't get a prompt response.
February 2021
As sports betting approval looms in the NYS Legislature, the Barclays Center is lobbying.
Developer says, "We do believe that the two-week look-aheads are very accurate." Not true. ESD's two-week Construction Updates consistently misreport the actual scope of After-Hours Variances.
Developer says, "We do believe that the two-week look-aheads are very accurate." Not true. ESD's two-week Construction Updates consistently misreport the actual scope of After-Hours Variances.
How did the middleman for the Nassau Coliseum EB-5 loan get control of the lease--and a $7 million payment? In routine vote, Nassau County approves amendments to support Coliseum reopening. Legislators don't get it.
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| A reminder on health & safety |
New document confirms Barclays Center's brutal pandemic: $24.6 million loss in second half of 2020. The Barclays Center, seemingly successful, saw its bonds go to "junk."
Gov. Cuomo says venues can reopen, at 10% capacity. Barclays Center introduces new safety protocols.
March 2021
"The Cuomo Way": bullying, micromanaging, and loyalty above all. As allegations mount, elite opinion shifts, and tabloids pile on. Damning reports about Cuomo's "culture of fear, harassment, and intimidation."
Coming sooner than you think: June 2022 deadline to start buildings under current tax break (which might expire), to meet May 2025 project requirements. At brief meeting of advisory Atlantic Yards Community Development Corporation, talk of a potential legislative “fix."
ESD says "no formal permission granted for parking along Atlantic Avenue" outside Barclays. Which means... informal permission?
With oft-faulty, privately maintained MTA elevator at arena plaza, why can't arena company offer real-time updates?
A 535 Carlton neighbor's lament about excessive dust: "there is no community liaison." When I call, the machine said "message quota exceeded."
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| The arena block towers from Flatbush & Bergen |
From Bklyner: Will All 258 “Affordable” Units at Largest Pacific Park Tower Go to the Better-Off? The developer won't say, but the answer is yes.
Views of the four towers at or near the arena block (and the likely temptations of underbuilt Flatbush Avenue sites).
April 2021
From Bklyner: "Developers Propose Two 17-Story Towers in Prospect Heights/Crown Heights. CB 8 Says Whoa, Gets Backing From Cumbo." (But not quite, in the end.)
The Triangle Building gets a Harden mural. Still no tenants, though.
May 2021
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| Oculus + digital signage + new transit wrap |
Still three months free for middle-income units at "100% affordable" buildings 535 Carlton and 38 Sixth.
Monetizing the arena plaza and transit entrance: new canvas for advertising, never forecasted (nor, apparently, disallowed), beyond the oculus.
Monetizing the arena plaza and transit entrance: new canvas for advertising, never forecasted (nor, apparently, disallowed), beyond the oculus.
If annual naming rights to UBS Arena at Belmont cost $15 million-plus, the $10 million Barclays deal seems a bargain. Will it be reopened? (Would public get a slice?) What about the transit hub?
 |
| Plank Road (official) |
NY Post: owner of Nets/arena operating company will renegotiate Barclays naming rights, uniform patch, Geico entrance. Tsai says neither side is "looking to change" arena name.
Welcome to Plank Road, the new name for 662 Pacific Street (B15). The web site offers no info on affordability, doesn't mention "Pacific Park."
The Barclays Center team store spreads out along Flatbush Ave. and changes its name: from "Nets Shop by Adidas" to "Swag Shop" to (briefly) "Brooklyn Style."
No "accidental town square" on night of George Floyd anniversary protest, Barclays Center was in playoff (business) mode, with protest shunted across the street. New commercial signage activated at plaza and on Flatbush Avenue.
June 2021
From the New York Times Magazine: a Kevin Durant profile, a salute to "(Possibly) the Greatest Basketball Team of All Time" (nah), and some gaps. The second round of playoffs await.
As Nets draw playoff crowds, pre-game traffic jams around parking garages prompt gridlock, honking in residential district. For the playoffs, Barclays Center features new Flatbush Ave. entrance (at former team store), more of plaza cordoned off.
Nets lose in overtime to Bucks, capping disappointing but landmark season. An unpublicized watch party gathers on the arena plaza.
From City Limits: mayoral candidate (and former Bloomberg official) Shaun Donovan praises Atlantic Yards (otherwise absent from campaign), but... it's no model housing partnership. "Atlantic Yards down the memory hole," again.
In the 35th District, Crystal Hudson and Michael Hollingsworth face off, amid questions about development (including Prospect Heights) and the future of member deference. Neither embrace Atlantic Yards.
Tsais' Social Justice Fund offering $2.5M in loans to Brooklyn small businesses owned by BIPOC entrepreneurs. (The Atlantic Yards CBA once promised small business loans.) Another spoon-fed "sports" story in the Daily News, from a beat writer.
 |
| From NY Daily News Sports |
Ranked choice voting results: Adams narrowly wins Democratic nod for mayor; Antonio Reynoso for Brooklyn BP; Hudson in 35th; Lincoln Restler, Chi Ossé, Shahana Hanif in nearby districts.
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| Coming: Walgreens |
Largest available "flagship" retail space near Barclays Center finally will get (ground-floor) tenant: Walgreens, not a food/drink emporium.
On Dean Street across from B12/B13 construction site, a disruptive air horn blasts frequently; ten blasts in 15 minutes.
Welcome to "Brooklyn Crossing," new branding for 18 Sixth Ave., avoiding mention of Pacific Park.
Latest six-month look-ahead for project maintains fuzzy prediction: "Platform construction may commence."
Mayor-in-waiting Adams' Inner Circle includes power lawyer Frank Carone and Rev. Herbert Daughtry, both with Atlantic Yards/Pacific Park connections.
The Nets build their image with a smartphone donation, but, to quote author Matt Sullivan, have a "Kremlin-esque wall" around more dubious practices, part of letting superstars like Irving and Durant have their way.
The Nets build their image with a smartphone donation, but, to quote author Matt Sullivan, have a "Kremlin-esque wall" around more dubious practices, part of letting superstars like Irving and Durant have their way.
August 2021
As 421-a tax break faces June 2022 sunset, the real-estate industry is unsettled.
Cuomo's resignation, under pressure, means Gov. Kathy Hochul, with question marks regarding 2022 race and potential changes from the top. Incoming: a pragmatic Gov. Hochul, promising transparency. Real-estate firms are optimistic. But a "gross concentration of power" disserves the public. ESD head Cohen departs.
Newsday finally (too gently) looks into EB-5 middleman Nick Mastroianni, of the U.S. Immigration Fund.
 |
| Greenland, from Forbes |
Greenland Holding Group, parent of Atlantic Yards/Pacific Park master developer, continues rise (to 142) in Fortune Global 500. But a setback in the Forbes Global 2000 ranking, which uses broader metrics than Fortune.
Greenland, with significant debts, still rated junk, and stock dips. But one ratings agency suggests a positive outlook.
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| Taking over the Flatbush flank, digitally |
Goodbye Brooklyn Style, enter Brooklyn Fanatics: growing digital sports company Fanatics taking over Nets' e-commerce & arena store along Flatbush Ave.
Announcing Barclays Center's incentive for (needed) workers to get vaccinated, de Blasio salutes arena as "incredible success" and predicts "great parade" next year for the team "they gave us."
As Barclays Center--for the first time since debut--advertises significant job openings, a $25,000 prize for vaccinated workers.
In 2013, incoming Mayor de Blasio said of Atlantic Yards, "On my watch, [the affordable housing] will happen." It's not close to complete (or at income levels promised). Now what?
Plank Road marketing ramps up: high rents, no 3-BR units (or, yet, affordable listings). Dubious claim of views thanks to "lack of competition for high-rise buildings." WTF!
September 2021
From City & State's New York State Top 50 Lobbyists 2021: a big win for mobile sports betting (and the Brooklyn Nets' lobbyists).
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| Making the plaza for MTV |
Preparing for the MTV Video Music Awards, Barclays Center cordons off much of the plaza;VMAs rely on shutdown of plaza, adjacent streets and sidewalks.
In reversal encouraged by Cumbo, Community Board 8 committee endorses developer's 10% cut in proposed 840 Atlantic tower, gaining commitment for lower-income units. Though full board refuses to endorse compromise, revised plan embraced by Cumbo, passed by Council.
Recapping Eric Adams' record on Atlantic Yards: from wariness, fence-sitting, and faux outrage to enthusiastic support (plus some $ from the arena).
Lakers' new jersey patch sponsorship and Clippers' new arena partner suggest revenue opportunities for the Brooklyn Nets.
Brewing crisis with huge Chinese property developer Evergrande casts cloud over real-estate giants, including Greenland, parent of Atlantic Yards/Pacific Park master developer. That delayed platform over the Vanderbilt Yard reminds us of a company "exposed to one of the world’s most volatile economies."
Greenland says it's "fully committed and resourced to complete Pacific Park Brooklyn" and it's "unaffected by unrelated corporations around the world," but... its plans are still fuzzy.
Report: vaccine-resistant Nets' star Irving runs afoul of NYC rule, meaning he'll miss home games. Nets, prizing continuity and finally standing up to star Irving, won't let him play part-time (or practice), and will eat part of his salary.No progress without profit: in Can't Knock the Hustle, author Sullivan
chronicles transformed 2019-20 Brooklyn Nets, including protest, pandemic & player empowerment. Close reading provokes some Atlantic Yards quibbles.
October 2021
Stay lifted on condemnation of P.C. Richard suggests movement on plans to shift bulk from unbuilt "Miss Brooklyn" across Flatbush Ave. to enable larger towers. Then settlement unlocks that process.
Stay lifted on condemnation of P.C. Richard suggests movement on plans to shift bulk from unbuilt "Miss Brooklyn" across Flatbush Ave. to enable larger towers. Then settlement unlocks that process.
On Flatbush Ave. opposite Barclays Center & next to busy take-out restaurants, NYPD's temporary corral deters double-parking & accommodates delivery bikes.
"You/We belong here." New neon artwork planned for Barclays Center subway entrance, purportedly commemorating the 2020 protests. But commerce wins, and philanthropy doesn't make up for unfulfilled Atlantic Yards promises.
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| Advertising Basquiat |
Neon artwork will be lit 6 am-midnight, for 3+ years. No Department of Buildings permit needed. Even the artist behind "You/We belong here" recognizes the phraseology's ironies. Beyond question of belonging, it's a governmental gift of new promotional space.
Advertising signage for Warhol painting of Basquiat (briefly?) replaces CBRE ads wrapping transit entrance, only recently deployed for ads.
"Chaos at Barclays." Before Nets' home opener, "Stand with Kyrie" protesters storm arena doors, causing brief closure. Long lines delay ticketholders into Q2.No "chaos" at Barclays Center for second Brooklyn Nets home game; plaza still cordoned off during day. SeatGeek Plaza at Barclays Center still mostly cordoned off (on non-game day).
Barclays Center operating company, after deep losses in FY 2021, relies on $52 million from billionaire Tsai to pay the bills, and debts. How big are tax deductions for Tsai from (mostly questionable) losses on Barclays Center operating company? My guess: very big.
Forbes: thanks to patch deal and rising NBA tide, Nets/arena company leaping ahead--and now worth $3.2B, about what Tsai paid. Still 7th in league.
November 2021
At Empire State Development, new board chair from Long Island and CEO from Queens, both with real-estate backgrounds.
At arena during Election Day, Gov. Hochul and Lt. Gov. Brian Benjamin announce new vaccine incentive, with free Nets/events tickets, don custom jerseys.
Ratings agency Moody's: Barclays Center has "strong recovery prospects," given pent-up demand, though chance remains for another COVID hit.
Now 662 Pacific St. (aka Plank Road) is open, offering two months free on 16-month leases. Still waiting for affordable housing lottery.
Plank Road housing lottery opens; middle-income (130% of AMI) but wide range & below-max rent (studios $1,537), though still not aimed at neediest.No more 50% preference for locals; it's not required for units solely funded via the Affordable New York tax break. No three-bedroom apartments. So much for promise that 50% of floor area would be devoted to family-sized units, as originally promised.
The impact of delay: 622 Pacific got its Temporary Certificate of Occupancy Oct. 14. The Housing Lottery won't close until Jan. 18. Then comes processing. The Citizens Housing and Planning Council says the city should do better.
As with 662 Pacific, "affordable" units at 18 Sixth will be aimed at middle-class, 130% of AMI, but with discounts that recognize market realities. (No one wants a $2,263 "affordable" studio.)
Rising baseline: new middle-income apartments at 130% of Area Median Income can house those earning more than those earning 165% of AMI four years ago.
Big changes in Atlantic Yards/Pacific Park affordable housing. The promise, and (partial?) removal, of community preference. More middle-income units than promised. A glaring lack of disclosure.
As with 662 Pacific, "affordable" units at 18 Sixth will be aimed at middle-class, 130% of AMI, but with discounts that recognize market realities. (No one wants a $2,263 "affordable" studio.)
Rising baseline: new middle-income apartments at 130% of Area Median Income can house those earning more than those earning 165% of AMI four years ago.
Big changes in Atlantic Yards/Pacific Park affordable housing. The promise, and (partial?) removal, of community preference. More middle-income units than promised. A glaring lack of disclosure.
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| Waiting for Times Plaza open space |
Unresolved and lingering: what happened to the promised Times Plaza open space?
Goodbye, Barclays Center? After $35 million/year arena naming rights deal in Los Angeles, a new/renegotiated deal in Brooklyn seems inevitable.
When protest at Barclays Center coincided with Brooklyn Nets home game, the crowd was small enough to fit on truncated plaza space.
Barclays Center says, yes, it's cordoning off the plaza regularly. Atlantic Ave. parking on game days. The Nets logo on Dean Street didn't require permission. Curious.
Competence and transparency: when developer fails to disclose additional time for after-hours work, state authority ESD should catch that.
December 2021
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| From The Indypendent |
With first of three penthouses sold, at ≈15% discount off initial price, 550 Vanderbilt approaches sell-through; building's huge 421-a discount could save owners $50 million.
Art or Advertising? The Contradictions of “You/We Belong Here” Neon Signage at Barclays Center (from The Indypendent). More on the art/advertising installation: scenes from "Block Party," video of speeches by pols, artist, sponsor.
Art or Advertising? The Contradictions of “You/We Belong Here” Neon Signage at Barclays Center (from The Indypendent). More on the art/advertising installation: scenes from "Block Party," video of speeches by pols, artist, sponsor.
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| A.MANO on Dean, at Carlton |
Looking at the troubling record of the Atlantic Yards Community Development Corporation: some useful info but more stonewalling (and rubber-stamping); fitful schedule; lack of transparency.
At AY CDC, developer claims no knowledge of school timing (now it’s 2025!); blinkered ESD claims project on track to meet affordable housing deadline (very unlikely).
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| B12/B13 top out |
Now open: Wonderforest Nature Preschool at 38 Sixth; home décor, jewelry and gift shop A.MANO Brooklyn (formerly Cain Sloan) at 535 Carlton (with Dean St. address).
Boosting Brooklyn Nets' attendance, three games (9,000 total tickets) of freebies to New York City employees.
CityLab: advocates suggest changes on Atlantic Avenue at Flatbush intersection and at Vanderbilt. But can bottleneck near arena be avoided?
At Brooklyn Crossing (B4, flanking arena), first five market-rate units listed; prices comparable to Plank Road; middle-income "affordable" lottery awaits.
After losing players to COVID protocols and seen stars overloaded, Nets--shockingly--reverse policy and welcome Irving back, for away games. He immediately tests positive. Nets cancel three games as league flounders to maintain revenue amid Omicron surge.
The Strokes postpone New Year's Eve concert at Barclays.
After 15 weeks, ESD issues notes from a Quality of Life meeting. No updates on key issues, though a Q&A explains why"affordable" units at 662 Pacific are being rented at a discount from the allowable rents: "to reflect current market conditions and the needs in the area."
2022-24: Deadlines Pending. Foreclosure Looming
January 2022
BrooklynSpeaks begans "Brooklyn Crossroads" campaign to influence the project's future, notably arguing for affordable housing commitments if the developer gets to transfer bulk to Site 5.
The future of Site 5 remains in question, as is the market for office space.
February 2022
BrooklynSpeaks proposes a new entity to manage the project; advocacy planner Ron Shiffman suggests the public should take over the project if the developer is bailed out.
Yes, developers benefiting from the 421-a tax break disproportionately chose the option of 130% of AMI, because that's most lucrative.
March 2022
The Barclays Center is still struggling financially, but bond ratings agency Moody's affirms the Ba1 (highest notch of junk) rating, with the outlook now stable, rather than negative.
The Barclays Center is still struggling financially, but bond ratings agency Moody's affirms the Ba1 (highest notch of junk) rating, with the outlook now stable, rather than negative.
Is the Atlantic Yards/Pacific Park middle school due in 2024, as a state official suggests? No, it's 2025.
According to the New York City Department of City Planning, Atlantic Avenue and Fourth Avenue are Brooklyn's two "Opportunity Corridors," boulevards that, given access to transit and wide streets, can accommodate far more density in a growing borough. Hence the spate of encouraged development.
April 2022
The first two private rezonings in the M-CROWN area, including 1010 Pacific and 1050 Pacific, are cautionary tales, given that the proponents made empty promises--and then sold at a huge profit.
After a last-minute negotiation, Council Member Hudson announces a deal for two 17-story towers along Atlantic Avenue at the scale requested, having secured significantly more affordable housing—35%—plus a combined $200,000 to fund anti-displacement services.
"Brooklyn Nets owner Joe Tsai is the face of NBA's uneasy China relationship," reports ESPN, producing some damning details about Tsai's relationship with, and defense of, the Chinese regime, so crucial to league profits.
Nearly seven years after the 550 Vanderbilt condo building launched pre-sales for the 277 apartments (plus a super's unit), developer Greenland Forest City Partners is nearly at a sellthrough, thanks to the sale of the most expensive listed apartment--for $6.7 million, a 13.2% discount--plus one of the other two remaining units.
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| The playoffs were brief |
Area Median Income (AMI), the baseline calculation from which to calculate income and rent levels for "affordable housing," has risen dramatically, combined with a disproportionate increase in rent levels for both middle-income studios and an array of low-income units.
May 2022
The platform over the Vanderbilt Yard should start in June, says Greenland's Scott Solish, pending LIRR and Department of Buildings approvals. The first phase should take three years, which means projected completion in mid-2025. B5 won't go vertical until Spring 2023. The two adjacent buildings rely on the renewal or replacement of the 421-a tax break.
The platform over the Vanderbilt Yard should start in June, says Greenland's Scott Solish, pending LIRR and Department of Buildings approvals. The first phase should take three years, which means projected completion in mid-2025. B5 won't go vertical until Spring 2023. The two adjacent buildings rely on the renewal or replacement of the 421-a tax break.
Construction fences for Block 1120, that first railyard block, should truncate the streets around it for years. Not addressed: the affordable housing deadline.
Atlantic Yards and the problem of time: rise in (regional) Area Median Income means "low-income" two-bedroom apartments could now rent for $1,500.
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| Avanath cites the "Pacific Heights" neighborhood |
Avanath claims in its press release that the buildings include "market-rate residential and commercial units." It looks like the sale was at a loss.
June 2022
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| Beginning of plaza truncation |
S&P says it views the Greenland Holding Group's (aka Greenland Holdings) one-year extension of payment for nearly $500 million in notes "as a distressed debt restructuring tantamount to a default." Then S&P upgrades Greenland.
Barclays Center says the plaza will be closed in stages for work to upgrade the pavers and light fixtures.
Mayor Adams touts "City of Yes," says it's time to build more.
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| A plan for railyard work. |
For the first time, a representative of GFCP essentially admits the obvious: they have no plan to meet the May 31, 2025 deadline to deliver the required 2,250 units of affordable housing.
Will they get an extension?
ESD brushes off an effort to inquire about enforcing the Urban Room requirement, with fines overdue.
A spokesperson for the developer tells Neil deMause of City Limits (writing about Community Benefits Agreements), "Generally in terms of accountability this project continues to report to the public through a bi-monthly ‘quality of life’ meeting” held by ESD. Really?
Platform work will be conducted through a joint venture with Plaza Construction and China Construction, both state-owned Chinese companies, essentially. Construction is expected to start on Monday, June 20. A construction fence will be in place approximately 36 to 40 months.
July 2022
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| The Axel, at Vanderbilt & Atlantic |
Greenland USA's Solish says they hope permits for the railyard work will be "sometime in the next several business days."
BrooklynSpeaks organizes a press conference protesting the failure to build the Urban Room. ESD responds that "the existing plaza... has become an indispensable public space," but says it will work "to expand access to public space and advance the next phases of this critical project.”
Greenland Forest City says the plaza is better than the Urban Room. (It doesn't control the plaza. The beneficiary is the arena company.)
Perhaps the most consistent challenge to road and sidewalk flow near the Barclays Center involves Chik-fil-A and its neighbor Shake Shack on Flatbush Avenue.
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| Escalators often out |
August 2022
Construction on the interior of the long-awaited Atlantic Yards/Pacific Park middle school, known as I.S. 653, finally starts.
Construction on the interior of the long-awaited Atlantic Yards/Pacific Park middle school, known as I.S. 653, finally starts.
Nearly three years ago, a Wall Street Journal columnist advised selling Greenland Holdings. He was right, as the company's stock price has dropped by more than half.
Greenland rises on Fortune's annual Global 500 list, to #125 from #142. However, in Forbes's Global 2000 listing, it has dropped for two years, to #415. Forbes uses more metrics.
September 2022
The Brooklyn Nets and Barclays Center have both changed their social media images so they can honor the arena's tenth anniversary year, and it's happening at the site, as well.
The Brooklyn Nets and Barclays Center have both changed their social media images so they can honor the arena's tenth anniversary year, and it's happening at the site, as well.
Joe Tsai has become a heavyweight in philanthropy with his wife, Clara Wu Tsai. The venerable Municipal Art Society is giving them the Jacqueline Kennedy Onassis Medal, its highest honor, but--as I write in CommonEdge--forgetting its crusade against the kind of "supertall" tower that the Tsais have invested in.
October 2022
From one perspective, the Barclays Center is part of a financial success, since the availability of a Brooklyn venue, in the world's media capital, has helped the value of the Nets--long owned by the operator of the arena company--to soar.
From one perspective, the Barclays Center is part of a financial success, since the availability of a Brooklyn venue, in the world's media capital, has helped the value of the Nets--long owned by the operator of the arena company--to soar.
Still, while the arena's financial performance improved over FY 2021, when the pandemic severely stalled events and revenues, the arena remains ultimately in the red. Publicly circulated calendars indicate 137 ticketed events over the fiscal year ending in June 2022. Some concert tours were either canceled or postponed.
After six years or so, the major ground floor space at 461 Dean Street, at the corner of Flatbush Avenue adjacent to the arena, finally has a tenant: the local fast-casual chain Just Salad. That leaves a smaller retail space east of the building's residential lobby.
The Brooklyn Way? New branding for the team's ten-year anniversary, again leans on the borough's brand, inflected by hip-hop, with a video featuring endearing kids.
November 2022
Bad timing for the Untitled Ronny Chieng Project, a Hulu comedy series inspired by the Brooklyn Nets, given Irving's implicit endorsement of an anti-Semitic film, a public rebuke by Tsai, the firing of Coach Steve Nash, the reported (but never consummated) hiring of scandal-tinged ex-Celtics Coach Ime Udoka. Are the Nets "a superteam of toxicity"?
Bad timing for the Untitled Ronny Chieng Project, a Hulu comedy series inspired by the Brooklyn Nets, given Irving's implicit endorsement of an anti-Semitic film, a public rebuke by Tsai, the firing of Coach Steve Nash, the reported (but never consummated) hiring of scandal-tinged ex-Celtics Coach Ime Udoka. Are the Nets "a superteam of toxicity"?
Not only is the next Quality of Life meeting not scheduled for Nov. 15 as announced, the AY CDC is also way behind schedule. It hasn't met since June but is supposed to meet quarterly.
Hakeem Jeffries rises to lead the House Democrats. An ally says he was "pragmatic" about Atlantic Yards. That doesn't quite capture his' strategically ambiguous 2006 stances.
Greenland USA raises cash by selling two towers in Los Angeles at a loss. Its parent in Shanghai is downgraded by ratings agency Standard & Poor's to SD (selective default), with specific notes considered D or in default.
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| Hochul & Wu Tsai with winners (l.-r.), Chantal Hinds, Bernell Grier, and Kei Williams. Photo: Kevin P. Coughlin/Governor's Office, 8/2/22 |
Before Gov. Kathy Hochul attended a WNBA New York Liberty game last summer, posed with Liberty co-owner Clara Wu Tsai, and honored recipients of the team owners' Social Justice Fund, Clara Wu Tsai gave Hochul's election fund the max: $69,700.
December 2022
A 2019 paper: "Do professional sport franchise owners overpromise and underdeliver the public? Lessons from Brooklyn’s Barclays Center," by Geoffrey Propheter, formerly at the New York City Independent Budget Office. The answer is yes.
ESD finally offers notes from the previous two Quality of Life meetings, for the first time admitting the project will take until 2035.
Also: "The Developer and ESD are committed to the delivery of the Project’s affordable housing obligations and abiding by the Project documents." That's not the same as saying they'll enforce the penalties.
The Central Brooklyn initiative known as the Atlantic Avenue Mixed-Use Plan (AAMUP), building on M-CROWN, finally moves forward, but there are lots of questions.
On Wednesday, Dec. 14, the seating arena on the Barclays Center plaza finally reopens after a revamp, some two-and-a-half months late. Unmentioned: 62 bike coils replace seating.
Despite obfuscation, TF Cornerstone has long planned middle-income "affordable housing" (130% of AMI) at 595 Dean. Same for Greenland, at the B5 tower over the railyard.
January 2023
What's next from BrooklynSpeaks? New "third party" input to create "more detailed vision of challenges and opportunities" at Atlantic Yards/Pacific Park. (Didn't happen.)
How Atlantic Yards failed to deliver "affordable" condos. The cost of delay: "affordable" condos, if ever built, could go to households earning $200K+, nearly double the 2006 estimate.
Time for an open space master plan update? New B12/13 configuration, dog runs. Future "Pacific Street terminus"? Biggest Q is whether platform gets built.
ANHD explains: not only are many "low-income" units not aimed at truly needy, the AMI "high housing cost adjustment" makes things worse.
With developer (conveniently) missing from scheduled meeting, ESD rep says Greenland *may* face penalty for missing affordable housing deadline. Renegotiation?
Brooklyn Nets, admitting "failure" of superstar era, trade disgruntled Durant to Phoenix Suns for hefty package. Reboot to better version of "old" team?
After ten years, business-friendly Crain's suggests "development around the Barclays Center is on solid ground." Really? Keep your eye on the ball.
March 2023
Greenland USA point man Solish leaves for The Brodsky Organization, which built B15 tower & partnered on B4. What's next? Greenland renegotiation with NY State?
In New York Times exploration of Rep. Jeffries' early career, allies saw his Atlantic Yards stance as forging alliances. Rather, it was more strategic ambiguity.
Greenland USA point man Solish leaves for The Brodsky Organization, which built B15 tower & partnered on B4. What's next? Greenland renegotiation with NY State?
In New York Times exploration of Rep. Jeffries' early career, allies saw his Atlantic Yards stance as forging alliances. Rather, it was more strategic ambiguity.
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| 595 Dean residential entrance & Chelsea Piers |
At two-tower 595 Dean, more Dean Street entrances (and canopies) for Chelsea Piers than for residents, given one residential lobby.
At meeting of Atlantic Yards Community Development Corporation, no answers to big questions about project's future. No sign that fines for missing affordable housing will be enforced.
No progress at Triangle Building.
Updated graphic shows middle-income skew of Atlantic Yards/Pacific Park affordable housing.
May 2023
Routine delays in state oversight meetings.
In corporate history posted by new firm formed by Forest City cousins, little mention of Bruce Ratner.
June 2023
State stalls on new housing policies crucial to project's future, notably 421-a tax break.
Greenland, with middleman Mastroianni, seeking to "restructure" $349 $286 million debt owed to EB=5 investors.
Lottery for middle-income "affordable" units at 595 Dean extended, allows pool to expand, with higher income limits.
Big, if true: master developer Greenland says, despite lull, platform construction "likely to begin" in second half of 2023.
Brooklyn Nets trade longest-tenured player, Joe Harris.
The two-tower 595 Dean has just one entrance.
Empire State Development's long-time Atlantic Yards point person, Tobi Jaiyesimi, departs without a replacement. (She will eventually go work for the lobbying firm Kasirer, which lobbied for Atlantic Yards.)
With SeatGeek gone, Barclays Center plaza now branded by Ticketmaster (fourth sponsor in 10+ years).
A huge homage to Jay-Z, produced by his company, takes over Brooklyn Public Library's Central Library. Might there be contradictions?
Gov. Hochul finds workaround to replace 421-a tax break, for Gowanus at least. Will it extend to other neighborhoods? To Atlantic Yards/Pacific Park?
During 2014 negotiations, developer Greenland proposed blanket city concessions re future project changes. That didn't happen. But it shows chutzpah.
August 2023
Reinvent Albany's "Open ESD" report points to authority's convoluted structure, lack of independence, dubious math, and denial of public comment.
Reinvent Albany's "Open ESD" report points to authority's convoluted structure, lack of independence, dubious math, and denial of public comment.
Penthouse East, final sponsor unit to sell at 550 Vanderbilt condo building, reaps $4.55 million, less concessions (24% off Offering Price). Buyer gets a huge tax break.
Lottery for 595 Dean affordable units extended again, to Aug. 15, which enlarges pool for middle-income units.
From City Limits: "State Weighs Tax Deal, Plans ‘Public Engagement’ for Atlantic Yards as Housing Deadline Nears" (plus bonus material). Request for study of fiscal feasibility of project as well as report on affordable housing.
In future, more opportunity to comment on Atlantic Yards Community Development Corp. agenda items and also at meetings? Sessions back in Brooklyn?
If "China's 40-Year Boom Is Over" (per WSJ), what's next for companies like Greenland facing complex calculations, and big upfront costs, in Brooklyn?
From Common Edge: Revisiting Brooklyn’s Barclays Center—a Telling Landscape. It's much more commercial.
September 2023
From Common Edge: "Jay-Z's Unseemly Takeover of Brooklyn’s Central Library."
Barclays Center updates September 2023 event calendar: Just Brooklyn Prize Awards for racial justice, plus free "new music" concert, first in new series.
At "City of Yes" info session, City Planning officials say they hope to reach deeper affordability, go below 80% of AMI. But state must deliver tax break.
From Common Edge: "Does Brooklyn’s New Brooding Monolith Deserve Kudos?" (and do selfie-takers at Barclays Center plaza seek out the supertall?)
Barclays Center operating company in FY 2023 again reports loss. Operating income slighly above FY 2022. Owner Tsai kicked in $18M, less than previous years.
Barclays Center opening up for a (first-ever?) free watch party, as the New York Liberty play a road game in the WNBA finals. (The Liberty ultimately lose.)
Synergy: Tsais' Social Justice Fund supports $1.4M renovation of basketball courts in three Brooklyn parks, with murals honoring New York Liberty & Brooklyn Nets.
The last Atlantic Yards Quality of Life meeting was in February. The last Atlantic Yards Community Development Corp. meeting was in early August. Time for an update? Requested fiscal feasibility study, due in early October, is overdue.
Though Forbes says the Brooklyn Nets & arena company are worth $3.85 billion, rising tide in NBA valuations likely means higher number.
Barclays Center updates September 2023 event calendar: Just Brooklyn Prize Awards for racial justice, plus free "new music" concert, first in new series.
October 2023
At "City of Yes" info session, City Planning officials say they hope to reach deeper affordability, go below 80% of AMI. But state must deliver tax break.
From Common Edge: "Does Brooklyn’s New Brooding Monolith Deserve Kudos?" (and do selfie-takers at Barclays Center plaza seek out the supertall?)
Barclays Center operating company in FY 2023 again reports loss. Operating income slighly above FY 2022. Owner Tsai kicked in $18M, less than previous years.
Barclays Center opening up for a (first-ever?) free watch party, as the New York Liberty play a road game in the WNBA finals. (The Liberty ultimately lose.)
The last Atlantic Yards Quality of Life meeting was in February. The last Atlantic Yards Community Development Corp. meeting was in early August. Time for an update? Requested fiscal feasibility study, due in early October, is overdue.
In plan for Brooklyn, Borough President Reynoso will advocate for more housing, especially near transit and in the borough's southern and eastern sections.
November 2023
Though Forbes says the Brooklyn Nets & arena company are worth $3.85 billion, rising tide in NBA valuations likely means higher number.
Finally, scrutiny for Winnie Greco, ethically dubious liasion to Chinese communities for Brooklyn Borough Presidents and now Mayor. She met 2014 with incoming developer Greenland.
If Brookfield, which bought out Forest City, no longer actively claims Pacific Park, what remaining stake does it have in the future project? "Nominal," says a rep.
December 2023
With Greenland EB-5 debt in foreclosure, big Qs about future of stalled project, including collateral, platform, & investor visa middleman. What's government's role? More questions.
With Greenland EB-5 debt in foreclosure, big Qs about future of stalled project, including collateral, platform, & investor visa middleman. What's government's role? More questions.
BrooklynSpeaks: foreclosure sale "potentially fatal" setback & "searing indictment" of NYS oversight. My take: conditions imposed by ESD key to any sale. Big doubts about obligations.
BrooklynSpeaks says it's time for new oversight & Atlantic Yards plan. But the immediate questions involve foreclosure sale & role of NY State. Will they get a meeting with ESD?
Documents show that below-ground Dean St. garage added 469 parking spaces, not the announced 455, to the existing 303 spaces. How well can 772 spaces work?
As I wrote on Substack: Was Atlantic Yards fundamentally flawed? Yes, a cascade of problems impeded progress. At the start, though, Deputy Mayor Dan Doctoroff thought it "a crazy risk." He just didn’t say so.
Former Forest City CEO Gilmartin says Atlantic Yards gave her too much PTSD to consider a return to the troubled project. She used to sound confident.
Middle-school across from arena block now due to open Sept. 2024 (not 2025), thanks to interior work on evenings & weekends. Will SCA/DOE talk to neighbors?
Announcing my new Substack newsletter, Learning from Atlantic Yards/Pacific Park, 20 years after the project unveiling, later renamed, simply, Atlantic Yards/Pacific Park Report, as I transition nearly all my writing to Substack.
Flashback, Dec. 10, 2003: The Atlantic Yards unveiling.
The Real Deal assesses Atlantic Yards on its 20th anniversary, with a few key new insights—the Chinese company Greenland USA was out of sync—though I don’t fully agree with their analysis.
Middle-school across from arena block now due to open Sept. 2024 (not 2025), thanks to interior work on evenings & weekends. Will SCA/DOE talk to neighbors?
Merch for Madonna! A row of idling 53-foot trailer-trucks outside the Barclays Center before three-show stint.
In the latest required six-month project look-ahead, master developer Greenland USA says plainly: the platform over the railyard, location for six development sites, won't start.
In the publication Sportico's latest NBA valuations, the value of the Brooklyn Nets, plus the arena company, is estimated at $3.98 billion, but the growth rate far lags the league. Blame the demise of the “superteam,” which attracted sponsors.
From Substack: A "Garden of Eden"? Revisiting a NY Times Rave for the 2003 Atlantic Yards Debut. We've learned that architecture critics can't just focus on the "cultural dimension of building"
With proposed new city financing program for 70% affordable housing, a way forward for Atlantic Yards/Pacific Park? Stay tuned.
From NetsDaily, on the Brooklyn Nets' mediocrity: The Brooklyn Nets are who we thought they were.
January 2024
From Substack: It's the Oversight, Right? New York State has let the developer off the hook. Why no legislative hearings?
From Substack: It's the Oversight, Right? New York State has let the developer off the hook. Why no legislative hearings?
Though an intermediate school has long been planned for the B15 tower (Dean Street and Sixth Avenue, aka Plank Road), New York City now seeks to relocate Design Works High School, which opened this year, and a smaller middle school, plus a small special needs program. Will another school be needed?
From Substack: Does Atlantic Yards Need a Plan? Or a Process? Two advocates from BrooklynSpeaks propose a new Local Development Corporation (LDC) and federal help for affordable housing. Maybe some caution is in order, as well as a look back.
According to Curbed, an “earthquake” from the Travis Scott concert last month at the Barclays Center caused nearby buildings to shake. Unmentioned: the green roof was installed to prevent that.
According to Curbed, an “earthquake” from the Travis Scott concert last month at the Barclays Center caused nearby buildings to shake. Unmentioned: the green roof was installed to prevent that.
Greenland Forest City sells retail condos at the base of the 550 Vanderbilt condo tower for $5.8 million, after touting "below-market rents" (for ice cream purveyor Van Leeuwen?). This may be the last Forest City (owned by Brookfield) holding of consequence.
Foreclosure auction of six development parcels postponed. It won't be the first time.
From Substack: New Renderings: (& Animation): Towers Along Atlantic Avenue. Designer Ben Keel produced two short animated videos to help explain what a street-level view of the project buildout would look like.
Hedging their bets? For 2024, developer Greenland USA downsizes lobbying contract, adds option to terminate.
Though Brooklyn Nets lost badly in Paris to the Cleveland Cavaliers, it was part of new international marketing strategy. (A Biggie Smalls concert! “Brooklyn” pizza!) Some 36% of single-game Nets tickets at Barclays Center this year are sold to foreign visitors!
The Barclays Center oculus stayed on until 1 am, though it’s supposed to go dark at midnight. Arena says "glitch" has been corrected, but no longer offers phone number for neighbors to call.
From Substack: The EB-5 Marketing from 2014 Looks Even Worse Now.
From Substack: Asleep at the Watch on the EB-5 Loans. ESD failed to do due diligence.
Lotteries for NYC-sponsored affordable units will now 23 now assign 20% of spots, not 50%, to locals. (Last four Atlantic Yards towers NYS-supported, w/no preference.)
Atlantic Yards CDC meeting: project still in limbo, as ESD talks vaguely of progress, but acknowledges talks with Greenland stalled. Will foreclosure sale happen? Questions about Site 5. New subcommittee to make recommendations for project's future. Directors ask for reports on EB-5 spending. Muddy discussion of "over-leveraged" loans.
February 2024
Magical thinking: ESD CEO says developer Greenland might meet 2025 affordable housing deadline by converting existing market-rate units. (Nope.)
Developer certified that EB-5 spending was compliant, but evidence shows otherwise, New York State limited use of investor visa funds, targeting railyard tower sites. But the money was reported as supporting two other towers.
Magical thinking: ESD CEO says developer Greenland might meet 2025 affordable housing deadline by converting existing market-rate units. (Nope.)
Developer certified that EB-5 spending was compliant, but evidence shows otherwise, New York State limited use of investor visa funds, targeting railyard tower sites. But the money was reported as supporting two other towers.
Did EB-5 funds help build the Barclays Center? Despite promoters' hype and even a governmental report on investor visas, the answer is no--and the reality more troubling.
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| Brooklyn Nets promotion |
The floundering Nets' latest ticket promotion has no stars for fallback. Floundering Nets fire Coach Jacque Vaughn
Members of notorious (David) Koch family said to be seeking 10%-15% of Brooklyn Nets & arena company. If valuation is $4.8 billion, as rumored, then Joe Tsai will have scored.
The Department of Education schools approves re-siting of two schools to what was once expected to be I.S. 653, at the base of 662 Pacific Street (aka B15), with the school address 491 Dean Street.
Moving: the intermediate school M.S. 915; Bridges: a School of Exploration and Equity, from Downtown Brooklyn, and the new Design Works High School, which for its launch was temporarily sited in Downtown Brooklyn. Also: a special needs program.
March 2024
Would tainted funds from a new part-owner spoil the Brooklyn Nets' spirit? C'mon, the #sportswashing began long ago. But it would be ironic for the libertarian Koch family to profit from eminent domain, sports subsidies, & NBA "socialism."
Would tainted funds from a new part-owner spoil the Brooklyn Nets' spirit? C'mon, the #sportswashing began long ago. But it would be ironic for the libertarian Koch family to profit from eminent domain, sports subsidies, & NBA "socialism."
The big Atlantic Yards winners? Billionaire team owners Prokhorov and Tsai. The Brooklyn Nets' boom in value relies on the government-aided Barclays Center. Why can't the public get some of the upside?
With questionable timing, BSE Global reveals plan to swap 30 suites for club spaces.
At Atlantic Yards meeting, state officials acknowledge project is stalled. ESD finally provides more info on project's affordable housing record, but it doesn't stress the middle-income skew. ESD says (mystery) documents confirm that $349M in EB-5 funds were spent appropriately. Other evidence raises doubts.
April 2024
Looming: the May 12, 2025 deadline to start the platform. But there's an "Unavoidable Delays" escape hatch and a penalty that might not be painful.
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| Rihanna billboards at Triangle Building |
As Area Median Income rises nearly 10%, "low-income" 80% AMI reaches $100,000 for most household sizes. NYC adds 20% AMI as Extremely Low Income option.
New 485-x tax incentive would require (at Atlantic Yards) 25% "affordable" units for households averaging 60% of AMI (now $83,880 for 3 people, but will rise).
At 18 Sixth (Brooklyn Crossing), Life Time fitness center is open. Also coming around the corner: facial chain Glowbar.
Finally, a tenant for major corner space at 38 Sixth Avenue, at southeast corner of arena block: Heart of Chelsea Veterinary Hospital.
May 2024
At 535 Carlton, Studio Pilates is open. Last retail space, at demapped Pacific St., would border construction staging & ultimately "Pacific Park" plaza & corridor.
461 Dean tower finally getting a second (and final) retail tenant: juice bar Pure Green, adjacent to Barclays Center's Dean Street entrance.
Blasé Bruce Ratner forgets his past Atlantic Yards promises. As Ratner continues media interviews and establishes Early Detection (Cancer) Initiative, his career misleadingly framed as steady "progressive" path.=
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| Looking east to dog runs |
What affordable housing graphics conceal--or reveal: a New York State chart on Atlantic Yards affordability only tracks categories; a new graphic shows the rising costs.
New York Liberty owners hope for billion-dollar team valuation. That bolsters the case for "additional rent" paid to public sector for using the (tax-exempt) Barclays Center.
Was Mikhail Prokhorov's profit when selling the Brooklyn Nets & arena company "only" $600 million? Even so, he's still the big Atlantic Yards winner, with the Tsais.
Suing Ticketmaster and Live Nation for "monopolizing" concert markets, Justice Department alleges threats to Barclays Center, which ended SeatGeek deal.
June 2024
Barclays Center crows, per Billboard, it was the world's top-grossing venue in April. (Thank Nicki Minaj and Bad Bunny?) In 2022, it ranked twelfth, in 2023, tenth. That doesn't mean profits.
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| Arena loading dock on Dean Street |
The Barclays Center's unwise financial forecaster. Go-to consultant CSL in 2009 said the new arena would reap huge profits. Their own report refuted that. Philadelphia awaits.
At BSE Global, Marissa Shorenstein's a well-wired Chief External Affairs Officer. Also, she was appointed by Gov. Hochul to the NYS Gaming Commission. Can't hurt?
Revising the Koch-Tsai deal: new reports say $5.8B total, including $5.3B for Brooklyn Nets + arena company; $688M from the Kochs, mainly to retire debt. The multiple, which is 14 times revenue, is astronomical.
As Brooklyn Nets’ value booms, a missed opportunity with the arena. My essay in Common Edge.
Why the Brooklyn Fanatics team store at the Barclays Center reaps profits: it's part of a monopoly.
The Brooklyn Nets trade Mikal Bridges, their best player but no cornerstone, to the New York Knicks for a draft haul, so they're poised to tank--and rebuild.
July 2024
The Real Deal: Related Companies, which built Hudson Yards, said to be developer interested in the six railyard sites. Related Chief Executive Jeff Blau says talks regarding Pacific Park "have a lot of moving parts," but "could be a great opportunity."
The Real Deal: Related Companies, which built Hudson Yards, said to be developer interested in the six railyard sites. Related Chief Executive Jeff Blau says talks regarding Pacific Park "have a lot of moving parts," but "could be a great opportunity."
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| Double-parking on Atlantic Avenue |
Would Joe Tsai's slickest move be poaching Ticketmaster Plaza?
Would Greenland develop Site 5 or sell development rights after new approvals? Well, they've sold (3.5 of) the last 4 sites.
So, once-indie Brooklyn Magazine is now part of Tsai's BSE Global, which plans a larger media enterprise to champion/amplify Brooklyn.
Greenland Holding's huge loss on Atlantic Yards/Pacific Park: end-of-2023 audit shows firm recognized $390 million impairment (loss of value).
In 2018 Pacific Park ownership "restructuring," did Greenland USA pay anything for Forest City's 25% share? The answer seems no, except for Modell's site.
Resolving "land litigation disputes" (re Site 5?), Forest City gave Greenland its shares in B4 tower & future Site 5 (jointly valued at $40.1M) & paid Greenland $18.2M.
August 2024
To rescue Atlantic Yards, developer sought to supersize project. Greenland USA aimed to add nearly 2,700 apartments in six railyard towers, plus Site 5 opposite arena. Could expansion plan recur with successor?
In 2018 Pacific Park ownership "restructuring," did Greenland USA pay anything for Forest City's 25% share? The answer seems no, except for Modell's site.
Resolving "land litigation disputes" (re Site 5?), Forest City gave Greenland its shares in B4 tower & future Site 5 (jointly valued at $40.1M) & paid Greenland $18.2M.
August 2024
To rescue Atlantic Yards, developer sought to supersize project. Greenland USA aimed to add nearly 2,700 apartments in six railyard towers, plus Site 5 opposite arena. Could expansion plan recur with successor?
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| Top panel created for comparison with Greenland USA’s bottom panel, which has been adapted to portray Site 5 and to add text. |
Why did rescue plan run aground? Developer Greenland USA sought to supersize towers and gain extensions, but officials were wary. MTA negotiations stalled. Shanghai-based executive even flew to NYC for meeting. (Notably, Greenland asked only for more bulk, not for cash subsidies.)
With meeting set for first-ever Executive Session, big questions about whether Atlantic Yards CDC can impose that restriction. At Executive Session, Atlantic Yards advisory group privately learns of... something.
Is the EB-5 loan middleman a Prohibited Person? If so, should Empire State Development have been dealing with him? Bad shorthand: "the lender" in EB-5 funding isn't the (middleman) regional center, but the immigrant investors.
How's Ticketmaster Plaza outside Barclays Center leased? State officials unsure of terms. But "temporary" plaza could be renegotiated, given arena value boost.
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| Looking south at Site 5 |
So, are changes at Site 5, with supersized density, a "done deal"? What community engagement is coming? Well, it also would involve railyard sites.
A $5,483 "affordable" 2-BR? At 38 Sixth & 535 Carlton, has Avanath legally gamed rent stabilization,violated an agreement, or something else? NYC HPD won't say.
A month later: after my article questioning Avanath's pursuit of $5,483 "affordable" 2-BRs at 38 Sixth & 535 Carlton, landlord now seeks legit rents, about $3,300, for such units.
After huge uptick in ticket sales, Barclays Center reports significant (but lesser) boost in net revenue, pointing to modest profits after years of losses.
Welcome to the "Pacific Park Campus": School Construction Authority posts new video, plus photos of artwork at new building.
After huge uptick in ticket sales, Barclays Center reports significant (but lesser) boost in net revenue, pointing to modest profits after years of losses.
Welcome to the "Pacific Park Campus": School Construction Authority posts new video, plus photos of artwork at new building.
Greenland Holding Group, parent of Atlantic Yards developer, plunges to #291 (from #205) in Fortune Global 500. Revenues down, losses up. Stock falls.
September 2024
September 2024
Barclays Center's unimpressive ranking of 25th in Pollstar's 2023 ticket sales list may help explain the return to Ticketmaster.
What happened to the Pacific Park Brooklyn web site, and social media? For now, dead or sleeping.
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| Screenshot |
Opening Sept. 14 in base of 595 Dean West Tower, Nin Hao, Fujianese "seafood-driven fare." SIMÒ Pizza in East Tower is next, in November.
As New York Liberty's popularity increases, fans see aggressive price increases for 2025 tickets. Some are outraged. (It's not just "capitalism.")
Busier Barclays Center finally reports a moderate profit, thanks to big boost in event, ticketing, and concession revenues. But what about $51M in capital expenses?
Does Barclays offer lessons for Philadelphia arena planners? Yes, but the Community Impact Analysis relies on flawed articles and flattering photos. It omits the arena's expanded promotional canvas and the story of the green roof.
Does Barclays offer lessons for Philadelphia arena planners? Yes, but the Community Impact Analysis relies on flawed articles and flattering photos. It omits the arena's expanded promotional canvas and the story of the green roof.
Is that neon signage outside Barclays Center "Art or Advertising"? Or an "unmistakable message of inclusion" & "visual reflection" of Tsai/Social Justice Fund philanthropy?
How did Fortress Investment Group, mainly owned by Abu Dhabi-based wealth fund, get a piece of Atlantic Yards/Pacific Park? Well, it involves EB-5, but there's a lot unknown.
Could New York state leverage naming rights to get ArenaCo owners Tsai (& Koch) to pay? Empire State Development could end the Barclays Center sponsorship. (Shh--the bank's a felon.) It might even be a win-win.
Nets owner BSE Global proposes using empty ex-Modell's store across from arena for youth basketball programs (free? $645/week?), until new towers built.
Nets owner BSE Global proposes using empty ex-Modell's store across from arena for youth basketball programs (free? $645/week?), until new towers built.
Brooklyn Nets announce new jersey patch partner, travel platform GetYourGuide. (No sum stated.) New local tourism synergy and even ticket sales.
Now open at 461 Dean: juice bar Pure Green, which also sells smoothies and bowls. The opening is more than seven years (!) after the building opened to residential tenants.
October 2024
With giant project proposed for Site 5, across from arena, are changes locked in? Seems so, despite denials. Unmentioned: unprecedented density.
Will "Pacific Park" be renamed? Housing surge would increase open space deficit. Back to "Atlantic Yards"? Nah. "Another ocean"? Nope. How about "Brooklyn Central"? You read it here first. But the park space per capita would be diminished.
80 DeKalb, first Brooklyn residential tower built by Forest City, sold yet again.
Welcome to "The Brooklyn Trio"? In architecture firm's presentation, developer Greenland lobbied hard to build bigger at Site 5 opposite arena. New York State signed on. Tower images still redacted.
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| Annotated unofficial mash-up |
80 DeKalb, first Brooklyn residential tower built by Forest City, sold yet again.
Welcome to "The Brooklyn Trio"? In architecture firm's presentation, developer Greenland lobbied hard to build bigger at Site 5 opposite arena. New York State signed on. Tower images still redacted.
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| The Site 5 tower is redacted |
New York Liberty win WNBA title! Among the "public people" cheering are Comptroller Brad Lander and Attorney General Letitia James.
As Liberty await a parade and a party, NYC claims playoffs generated $18.3M+ of "economic impact." That's murky.
That primarily benefits the team/arena owner. The Liberty's parade draws enthusiastic fans and earns front-page coverage, while rival politicians bask in a championship.
BSE Global's Brooklyn "ecosystem" expansion plan: hotel (at Site 5?), conference center, and new Brooklyn Media venture, including Brooklyn Magazine.
As Barclays Center debuts new (sponsored) clubs replacing suites, parent BSE Global says they're part of $100 million revamp, including new scoreboard.
BrooklynSpeaks tells elected officials: ensure deeply affordable housing, have arena operator fund monitors. Also: get financial analysis of proposed effort to supersize project. But will community coalition give carte blanche on scale?
November 2024
Delays undermine promises of affordable housing in Brooklyn. “Whatever the pace may be for the delivery” of such benefits, a state court judge wrote, “the nature of those benefits remains the same.” Not so.
Adweek reports: Brooklyn Magazine relaunches as BKMag after BSE Global buys it, plans to emphasize guides and short-form videos. Editor-in-chief gone after 7 months.
At belated online meeting about project issues, low turnout & big questions bypassed. Acknowledging noise complaints, Pacific Park Conservancy reduces dog run hours. Dog owners, neighbors both frustrated. Can sound be tamped down?
Forbes says value of Brooklyn Nets boomed 25% in a year, to $4.8B, despite limited profits. Second-largest rise in NBA. Credit the Koch investment.
As Liberty await a parade and a party, NYC claims playoffs generated $18.3M+ of "economic impact." That's murky.
That primarily benefits the team/arena owner. The Liberty's parade draws enthusiastic fans and earns front-page coverage, while rival politicians bask in a championship.
BSE Global's Brooklyn "ecosystem" expansion plan: hotel (at Site 5?), conference center, and new Brooklyn Media venture, including Brooklyn Magazine.
As Barclays Center debuts new (sponsored) clubs replacing suites, parent BSE Global says they're part of $100 million revamp, including new scoreboard.
BrooklynSpeaks tells elected officials: ensure deeply affordable housing, have arena operator fund monitors. Also: get financial analysis of proposed effort to supersize project. But will community coalition give carte blanche on scale?
November 2024
Delays undermine promises of affordable housing in Brooklyn. “Whatever the pace may be for the delivery” of such benefits, a state court judge wrote, “the nature of those benefits remains the same.” Not so.
Adweek reports: Brooklyn Magazine relaunches as BKMag after BSE Global buys it, plans to emphasize guides and short-form videos. Editor-in-chief gone after 7 months.
At belated online meeting about project issues, low turnout & big questions bypassed. Acknowledging noise complaints, Pacific Park Conservancy reduces dog run hours. Dog owners, neighbors both frustrated. Can sound be tamped down?
Forbes says value of Brooklyn Nets boomed 25% in a year, to $4.8B, despite limited profits. Second-largest rise in NBA. Credit the Koch investment.
State authority plans "Community Engagement" regarding six towers to be built on platform sites. Won't developer Related's lobbying establish parameters?
BSE Global buys landmarked retail space at base of Williamsburgh Bank Tower near arena.
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| Photo: Tracy Collins |
Flashback: "Atlantic Yards Is ___"? The gnomic question persists.
As Site 5 Interim Lease made public, timing questions, coordinated spin, & confirmation of future P.C. Richard store in retail space at planned giant development.
As Site 5 Interim Lease made public, timing questions, coordinated spin, & confirmation of future P.C. Richard store in retail space at planned giant development.
December 2024
A Q&A with Gabrielle Bendiner-Viani, whose new book, The Cities We Need: Essential Stories of Everyday Places, in part chronicles Prospect Heights.
Is 595 Dean a "Successful Project"? To one real-estate journalist, all looks fine (and supplies fodder to dis Atlantic Yards opponents). But there's reason for doubt. Also, those middle-income "affordable" units at 595 Dean were open to a tiny fraction of New York City renter households.
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| Pacific Street and Carlton Avenue, access managed by the Shomrim safety patrol |
Moody's in 2024 maintained rating on Greenland as "highly speculative, or near default.”
Unannounced Barclays Center event for Hasidic group draws elected officials. NYPD lets volunteer Shomrim group (!) cordon off streets. Scofflaw vehicles block sidewalks, paths.
Yes, a quality-of-life enforcement unit around the Barclays Center is needed, per BrooklynSpeaks. But how could it work, when the political powers don't care?
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| 38 Sixth |
"100% Affordable" 38 Sixth sued by NYC Housing (over hot water, settled), then by Tenants' Association, citing security issues, roaches, and more. Tenants gain "significant victory."
Transparency fail: why, in a June 2024 discussion about Site 5, did Empire State Development officials not disclose changes they'd already backed in 2021?
Has the Chick-fil-A chaos on Flatbush Avenue been tamed? Seems like progress, with alternative location on Atlantic at Clinton.
January 2025
In a bitterly cold January, wind whipped especially around Sixth Avenue, just east of the Barclays Center, as I reported. When more towers are built over the railyard, that problem might get worse
After one year, Glide Brooklyn ice rink at Brooklyn Bridge Park becomes Roebling Rink, without BSE Global. OK, so not everything in the “ecosystem” has to work. Roebling Rink continued this winter, as well.
Did 461 Dean, the “World’s Tallest Modular Building,” save 20% on construction? No, it did not. Let’s follow up on FullStack Modular, the successor to the modular builder.
The Real Deal: Related pulls out of Atlantic Yards joint venture. Cirrus enters, but can’t qualify as a permitted developer. A host of labor unions endorse Cirrus, suggesting it has juice.
The Pintchik family, longtime investors, landlords, and neighborhood stewards, sells 26 buildings near the Barclays Center. The new owners, unsurprisingly, raise retail and residential rents.
Why does the EB-5 manager control the Atlantic Yards Investment? It’s the (dubious) contract, it seems. Funds steered by EB-5 middleman, not struggling developer Greenland, made the $11M annual Vanderbilt Yard air rights payment to MTA. That’s perplexing.
February 2025
Mayoral candidate (and state legislator) Zohran Mamdani came to the Vanderbilt Yard to bolster his bold plan to “build 200,000 new, permanently affordable union-built, rent-stabilized homes over the next 10 years.” Still, he said nothing about the Atlantic Yards site behind him, perhaps underinformed.
Screenshot from Mamdani video
The Social Justice Fund from Joe and Clara Tsai Foundation, whose founders own BSE Global, launches “Revitalize Brooklyn,” offering $50,000 grants to help nine Brooklyn businesses grow. Coffee, donuts, fashion—it’s a departure from their previous focus on non-gentrified Brooklyn.
As Atlantic Avenue Mixed-Use Plan Nears Vote, How Much Can Affordability Be Pushed? Well, not too far, except where city officials use publicly-owned sites.
Brooklyn Community Board 8 proposed a new Mandatory Inclusionary Housing (MIH) Option 3.5, with more and deeper affordability, but that wasn’t possible.
The Brooklyn Way: new Brooklyn Nets merchandise from designer Kid Super includes boost from Borough President Antonio Reynoso, modeling a $995 leather jacket.
Buses line Atlantic Avenue (thanks to NYPD) for un-announced youth basketball event. Once towers start, construction would constrain the street and, after opening, residents and commercial tenants would object. It’s a very tight fit (one of my mantras).
Atlantic Avenue east of Sixth Avenue. Hydrant blocked.
A new showing of Battle for Brooklyn, the 2011 documentary about the Atlantic Yards resistance, focusing on Daniel Goldstein, triggered discussion in Gothamist, with some expressing unguarded enthusiasm for the arena and others knowing it’s tainted.
Today, the context is different, since the film was released before the Barclays Center opened and eight towers (of 16) built.
Was the Atlantic Yards conflict merely between competing short-term interests? To one critic, Battle seems like “ancient history.” Still, it depicts the project’s enduring taint and leaves lessons about skepticism, as a new phase awaits.
The screening prompted a request for a summary of the project’s promises, so I produced the chart below, which was adapted for the event. Many promises have fallen short; I’ve marked some key ones on the chart in orange. Others remain murky.
Yes, they built an arena for sports and events. (Biggest winners: two billionaires.) Promised social benefit and neighborhood connection have fallen far short.
Some eminent domain reminders from Battle for Brooklyn: bogus blight and dubious public use.
Regarding project promises, well, the Atlantic Yards Independent Compliance Monitor was never hired to ensure accountability for the much-hyped Community Benefits Agreement, with promises of jobs, contracting, and housing.
CNBC says the Brooklyn Nets (and arena company) are now worth $5.6 billion, sixth in NBA. An increase in media rights offers a rising tide for all.
A message from the Brooklyn Nets: “we put the city in authenticity.” Somehow, they’re promoting the “Brooklyn Blueprint,” encouraging fans to enter at the beginning of something. That’s because the Nets don’t have stars.
Brooklyn Marine Terminal development plan in Red Hook relies on big housing promises. Like Atlantic Yards, the project will bypass the city’s land use review, known as ULURP.
Will ESD impose the Atlantic Yards affordable housing penalties, Brooklyn Assemblymember Jo Anne Simon asks ESD CEO Hope Knight in a legislative hearing. Knight says they’d have to, but sounded less than convincing.
Mayoral candidate (and state legislator) Zohran Mamdani came to the Vanderbilt Yard to bolster his bold plan to “build 200,000 new, permanently affordable union-built, rent-stabilized homes over the next 10 years.” Still, he said nothing about the Atlantic Yards site behind him, perhaps underinformed.
Screenshot from Mamdani video
The Social Justice Fund from Joe and Clara Tsai Foundation, whose founders own BSE Global, launches “Revitalize Brooklyn,” offering $50,000 grants to help nine Brooklyn businesses grow. Coffee, donuts, fashion—it’s a departure from their previous focus on non-gentrified Brooklyn.
As Atlantic Avenue Mixed-Use Plan Nears Vote, How Much Can Affordability Be Pushed? Well, not too far, except where city officials use publicly-owned sites.
Brooklyn Community Board 8 proposed a new Mandatory Inclusionary Housing (MIH) Option 3.5, with more and deeper affordability, but that wasn’t possible.
The Brooklyn Way: new Brooklyn Nets merchandise from designer Kid Super includes boost from Borough President Antonio Reynoso, modeling a $995 leather jacket.
Buses line Atlantic Avenue (thanks to NYPD) for un-announced youth basketball event. Once towers start, construction would constrain the street and, after opening, residents and commercial tenants would object. It’s a very tight fit (one of my mantras).
Atlantic Avenue east of Sixth Avenue. Hydrant blocked.
A new showing of Battle for Brooklyn, the 2011 documentary about the Atlantic Yards resistance, focusing on Daniel Goldstein, triggered discussion in Gothamist, with some expressing unguarded enthusiasm for the arena and others knowing it’s tainted.
Today, the context is different, since the film was released before the Barclays Center opened and eight towers (of 16) built.
Was the Atlantic Yards conflict merely between competing short-term interests? To one critic, Battle seems like “ancient history.” Still, it depicts the project’s enduring taint and leaves lessons about skepticism, as a new phase awaits.
The screening prompted a request for a summary of the project’s promises, so I produced the chart below, which was adapted for the event. Many promises have fallen short; I’ve marked some key ones on the chart in orange. Others remain murky.
Yes, they built an arena for sports and events. (Biggest winners: two billionaires.) Promised social benefit and neighborhood connection have fallen far short.
Some eminent domain reminders from Battle for Brooklyn: bogus blight and dubious public use.
Regarding project promises, well, the Atlantic Yards Independent Compliance Monitor was never hired to ensure accountability for the much-hyped Community Benefits Agreement, with promises of jobs, contracting, and housing.
CNBC says the Brooklyn Nets (and arena company) are now worth $5.6 billion, sixth in NBA. An increase in media rights offers a rising tide for all.
A message from the Brooklyn Nets: “we put the city in authenticity.” Somehow, they’re promoting the “Brooklyn Blueprint,” encouraging fans to enter at the beginning of something. That’s because the Nets don’t have stars.
Brooklyn Marine Terminal development plan in Red Hook relies on big housing promises. Like Atlantic Yards, the project will bypass the city’s land use review, known as ULURP.
Will ESD impose the Atlantic Yards affordable housing penalties, Brooklyn Assemblymember Jo Anne Simon asks ESD CEO Hope Knight in a legislative hearing. Knight says they’d have to, but sounded less than convincing.
March 2025
Does Atlantic Yards just need a transfer of rights? Or an inquiry? I think the latter.
Foregone property taxes on Barclays Center are now estimated at $123.6 million.
CEO of EB-5 middleman key to Atlantic Yards gave $50,000 to Gov. Hochul, who controls the project’s fate. U.S. Immigration Fund head(s) also gave $10,000 to NY State Democrats.
Barclays Center seeks guides (for $30!) to deliver a one-hour tour that “brings to life the history, culture, & behind-the-scenes magic of this iconic venue.” (Now tours are available.)
Comptroller Brad Lander is the only mayoral candidate to mention Atlantic Yards/Pacific Park, but he gets some things wrong. His priority, he says, is the promised affordable units.
To Prospect Heights group, key advocate Gib Veconi (also a leader of BrooklynSpeaks) describes Atlantic Yards as a “dire situation.”
Who really controls the six railyard sites? Maybe Fortress Investment Group is in the driver’s seat, I wrote, but it turned out to be more complicated.
As I wrote for City Limits, Brooklyn’s Stalled Atlantic Yards Plan Faces More Questions Than Answers, including whether the state would impose penalties.
BSE Global will spend $80 million on a new practice facility for the New York Liberty—who now practice at the Barclays Center—near Newtown Creek in Greenpoint, scheduled to open in 2027.
Pacific Park Conservancy said to hire new firms to oversee maintenance and landscaping. Questions persist about Conservancy’s opacity and board. The signage needs an update, months after it was promised. (That’s persisted.)
At an Atlantic Yards Community Development Corporation, Director Ron Shiffman suggests the unusually large plan for Site 5 is “an untenable proposal.” The only response he got concerns the affordability trade-off. But really, how big should it be?
Does Atlantic Yards just need a transfer of rights? Or an inquiry? I think the latter.
Foregone property taxes on Barclays Center are now estimated at $123.6 million.
CEO of EB-5 middleman key to Atlantic Yards gave $50,000 to Gov. Hochul, who controls the project’s fate. U.S. Immigration Fund head(s) also gave $10,000 to NY State Democrats.
Barclays Center seeks guides (for $30!) to deliver a one-hour tour that “brings to life the history, culture, & behind-the-scenes magic of this iconic venue.” (Now tours are available.)
Comptroller Brad Lander is the only mayoral candidate to mention Atlantic Yards/Pacific Park, but he gets some things wrong. His priority, he says, is the promised affordable units.
To Prospect Heights group, key advocate Gib Veconi (also a leader of BrooklynSpeaks) describes Atlantic Yards as a “dire situation.”
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| BrooklynSpeaks, Oct. 2024 |
Who really controls the six railyard sites? Maybe Fortress Investment Group is in the driver’s seat, I wrote, but it turned out to be more complicated.
As I wrote for City Limits, Brooklyn’s Stalled Atlantic Yards Plan Faces More Questions Than Answers, including whether the state would impose penalties.
BSE Global will spend $80 million on a new practice facility for the New York Liberty—who now practice at the Barclays Center—near Newtown Creek in Greenpoint, scheduled to open in 2027.
Pacific Park Conservancy said to hire new firms to oversee maintenance and landscaping. Questions persist about Conservancy’s opacity and board. The signage needs an update, months after it was promised. (That’s persisted.)
At an Atlantic Yards Community Development Corporation, Director Ron Shiffman suggests the unusually large plan for Site 5 is “an untenable proposal.” The only response he got concerns the affordability trade-off. But really, how big should it be?
April 2025
A new tenant coming to 550 Vanderbilt: Prospect Heights Eastern Spa. Still, railyard-adjacent retail space remains at 550 Vanderbilt and at nearby 535 Carlton.
Barclays Center, giving up on Loge Boxes, announces new premium space, Gallagher Terrace, plus The Bridge, a new consumption/gathering space upstairs.
The Brooklyn Nets end a forgettable season that columnist Steve Lichtenstein called a “waste.”
The arena plaza is public, until they want it to be private.
Who’s the “Lender”/Creditor now? Who controls the EB-5 loan collateral? I don’t think I got this right—after all, nobody knew much about Cirrus)—but it probably got closer to the truth than anything a public agency shared..
This fifth flowchart should make more sense if you read the article.
The Triangle Building opposite Barclays Center no longer even hosts Rihanna billboards. No retail outlet in process. (Structural problems?) Prime property has languished for more than 13 years.
I assessed the entrances of the eight Atlantic Yards buildings (and the school). Bottom line: there’s no guiding sensibility. Some choices are thoughtful, others baffling or compromised. Placemaking remains inconsistent.
EB-5 investment packager Nicholas Mastroianni II of the U.S. Immigration Fund gave Donald Trump’s inaugural committee $500,000.
So, newcomers embracing Prospect Heights (and 595 Dean) like McMahon’s Public House, which replaced dive bar O’Connor’s on Fifth Avenue.
With 2025 Area Median Income (AMI) up 4.3%, more “low-income” households (at 80% of AMI) could earn six figures. So delayed “affordable housing” becomes ever more expensive.
“Affordable” rents rise, so a one-bedroom at 60% of AMI—the template for future below-market units in the Atlantic Avenue Mixed-Use Plan and perhaps Atlantic Yards—could now rent for $1,822. That baseline will continue to rise.
The Pacific Park Conservancy, thanks to “Clean” and “Safety” Ambassadors, makes partial improvements but work is still needed on entrance signage and the worn lawn.
A new tenant coming to 550 Vanderbilt: Prospect Heights Eastern Spa. Still, railyard-adjacent retail space remains at 550 Vanderbilt and at nearby 535 Carlton.
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| Retail space awaits at 535 Carlton |
Barclays Center, giving up on Loge Boxes, announces new premium space, Gallagher Terrace, plus The Bridge, a new consumption/gathering space upstairs.
The Brooklyn Nets end a forgettable season that columnist Steve Lichtenstein called a “waste.”
The arena plaza is public, until they want it to be private.
Who’s the “Lender”/Creditor now? Who controls the EB-5 loan collateral? I don’t think I got this right—after all, nobody knew much about Cirrus)—but it probably got closer to the truth than anything a public agency shared..
This fifth flowchart should make more sense if you read the article.
The Triangle Building opposite Barclays Center no longer even hosts Rihanna billboards. No retail outlet in process. (Structural problems?) Prime property has languished for more than 13 years.
I assessed the entrances of the eight Atlantic Yards buildings (and the school). Bottom line: there’s no guiding sensibility. Some choices are thoughtful, others baffling or compromised. Placemaking remains inconsistent.
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| Entrances to eight buildings, plus a school |
EB-5 investment packager Nicholas Mastroianni II of the U.S. Immigration Fund gave Donald Trump’s inaugural committee $500,000.
So, newcomers embracing Prospect Heights (and 595 Dean) like McMahon’s Public House, which replaced dive bar O’Connor’s on Fifth Avenue.
With 2025 Area Median Income (AMI) up 4.3%, more “low-income” households (at 80% of AMI) could earn six figures. So delayed “affordable housing” becomes ever more expensive.
“Affordable” rents rise, so a one-bedroom at 60% of AMI—the template for future below-market units in the Atlantic Avenue Mixed-Use Plan and perhaps Atlantic Yards—could now rent for $1,822. That baseline will continue to rise.
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| Graphic by Ben Keel and Norman Oder |
The Pacific Park Conservancy, thanks to “Clean” and “Safety” Ambassadors, makes partial improvements but work is still needed on entrance signage and the worn lawn.
May 2025
Former Temple of Restoration on Dean Street between Sixth and Carlton avenues, in Redfin’s “hottest” Prospect Heights, set for alteration into eight apartments, likely condos.
The “flavor” of Fifth Avenue near the Barclays Center: not quite homey, but not fully franchised, either. Bars, omakase, plus, for a while, weed.
Announcing 395 Flatbush Avenue Extension, Brooklyn’s second-tallest tower (and across from the Brooklyn Paramount), Mayor Eric Adams declares, “I’m here to support my developers and not fight with my developers.”
In election season, mailers abound, but New York City’s diminished journalistic landscape means that mainly the mayoral race gets covered. Numerous candidates escape scrutiny. The unequal playing field is exacerbated by public funding, so, despite my qualms about getting government involved in journalism, I argue that some fraction of that spending should support journalism.
Audit from Greenland USA’s parent company says developer is “actively taking measures” to address risks from losing project collateral. That seems doubtful.
Emerging developer Cirrus seeks tax abatement, new funding, and (more) entitlements for railyard sites. They’re lobbying Empire State Development, local elected officials, and even Attorney General Letitia James.
Citing “competing” complaints from dog owners about limited hours and neighbors plagued by noise, Pacific Park Conservancy affirms policy for dog run near 595 Dean. No one is happy. It probably can’t be fixed without spending on sound protection.
Cirrus, Resorts World agree to build “up to 50,000” “workforce” units in five boroughs. There’s a lot of wiggle room.
Flashback: in May 2009 renegotiation, a Bloomberg aide promised that the MTA could get Vanderbilt Yard development rights back if nothing were built over the railyard. Not quite. It’s more complicated.
As the WNBA’s New York Liberty raise ownership stake at record $450 million valuation, a reminder: New York State could ask teams for more rent.
As affordable housing deadline nears, New York State punts on penalties, reviewing new development team. Cirrus joint venture now includes LCOR. As a commenter on my article, Unset, observes, trenchantly: “In sum, the “blight” of the railyards that supposedly needed to be remedied--the pretext for the whole fandango!--is still there.”
Flashback, 2014: What New York Times scoop on the new Atlantic Yards Plan missed. The article downplayed Greenland, omitted $2,000/month fines for 2025 deadline, and was misleading regarding affordable housing and accountability. Today, the absent skepticism seems glaring.
Former Temple of Restoration on Dean Street between Sixth and Carlton avenues, in Redfin’s “hottest” Prospect Heights, set for alteration into eight apartments, likely condos.
The “flavor” of Fifth Avenue near the Barclays Center: not quite homey, but not fully franchised, either. Bars, omakase, plus, for a while, weed.
Announcing 395 Flatbush Avenue Extension, Brooklyn’s second-tallest tower (and across from the Brooklyn Paramount), Mayor Eric Adams declares, “I’m here to support my developers and not fight with my developers.”
In election season, mailers abound, but New York City’s diminished journalistic landscape means that mainly the mayoral race gets covered. Numerous candidates escape scrutiny. The unequal playing field is exacerbated by public funding, so, despite my qualms about getting government involved in journalism, I argue that some fraction of that spending should support journalism.
Audit from Greenland USA’s parent company says developer is “actively taking measures” to address risks from losing project collateral. That seems doubtful.
Emerging developer Cirrus seeks tax abatement, new funding, and (more) entitlements for railyard sites. They’re lobbying Empire State Development, local elected officials, and even Attorney General Letitia James.
Citing “competing” complaints from dog owners about limited hours and neighbors plagued by noise, Pacific Park Conservancy affirms policy for dog run near 595 Dean. No one is happy. It probably can’t be fixed without spending on sound protection.
Cirrus, Resorts World agree to build “up to 50,000” “workforce” units in five boroughs. There’s a lot of wiggle room.
Flashback: in May 2009 renegotiation, a Bloomberg aide promised that the MTA could get Vanderbilt Yard development rights back if nothing were built over the railyard. Not quite. It’s more complicated.
As the WNBA’s New York Liberty raise ownership stake at record $450 million valuation, a reminder: New York State could ask teams for more rent.
As affordable housing deadline nears, New York State punts on penalties, reviewing new development team. Cirrus joint venture now includes LCOR. As a commenter on my article, Unset, observes, trenchantly: “In sum, the “blight” of the railyards that supposedly needed to be remedied--the pretext for the whole fandango!--is still there.”
Flashback, 2014: What New York Times scoop on the new Atlantic Yards Plan missed. The article downplayed Greenland, omitted $2,000/month fines for 2025 deadline, and was misleading regarding affordable housing and accountability. Today, the absent skepticism seems glaring.
June 2025
Is BrooklynSpeaks getting ready to sue over affordable housing, or renegotiate terms? Neither, it turns out, just protest the unpaid penalties.
Elected officials, including three from Congress, join Council Member Crystal Hudson in asking Gov. Hochul and Empire State Development to collect damages for absent Atlantic Yards affordable housing.
In Brooklyn Marine Terminal discussion, Atlantic Yards is the elephant in the room. After Borough President Antonio Reynoso points to broken promises from that project, city official says other projects met commitments. Not always.
New York Liberty update: Brooklyn Public Library cards (& gala); Ellie the Elephant’s ubiquity; team’s new investors include Jack Ma of Alibaba, who co-founded company with Joe Tsai of BSE Global.
Risk chart from the nonprofit ANHD shows four Community Districts near Atlantic Yards face high rent burdens, while few truly affordable units have been built.
Mamdani wins a surprisingly clear vote in the Democratic primary for Mayor over grim, tarnished, car-dependent Cuomo.
If affordable housing over railyards doesn’t work, are “politicians & activists” to blame? Columnist at The Real Deal criticizes unrealistic goals, but New York State backed developer Ratner’s unwise (and renegotiated) Atlantic Yards plans.
To meet city housing goals, do we simply build bigger? What about infrastructure (and the region)? That’s relevant to the future of Atlantic Yards. London, for example, has done much better, with a new train line.
So Type.Set.Brooklyn, BSE Global’s new “digital first global media brand,” is supposed to rely on “Brooklyn’s intrinsic values”? I have some doubts.
In 2025 Forbes Global 2000, Greenland Holdings, parent of Greenland USA, continues drop, to #931 from #891. In the Fortune Global 500, Greenland plunges to #480, from #291. In latest Moody’s analysis, Greenland retains near-bottom credit rating.
As we await a new mayor, remember columnist Errol Louis’s 2010 warning: the bill for the railyard platform might “get handed to the city or state a decade from now.” Or, perhaps, the cost will be finessed by giving away more bulk—free vertical land.
The Brooklyn Nets had five first-round draft picks. So 2025-26 likely will be another rebuilding year.
Is BrooklynSpeaks getting ready to sue over affordable housing, or renegotiate terms? Neither, it turns out, just protest the unpaid penalties.
Elected officials, including three from Congress, join Council Member Crystal Hudson in asking Gov. Hochul and Empire State Development to collect damages for absent Atlantic Yards affordable housing.
In Brooklyn Marine Terminal discussion, Atlantic Yards is the elephant in the room. After Borough President Antonio Reynoso points to broken promises from that project, city official says other projects met commitments. Not always.
New York Liberty update: Brooklyn Public Library cards (& gala); Ellie the Elephant’s ubiquity; team’s new investors include Jack Ma of Alibaba, who co-founded company with Joe Tsai of BSE Global.
Risk chart from the nonprofit ANHD shows four Community Districts near Atlantic Yards face high rent burdens, while few truly affordable units have been built.
Mamdani wins a surprisingly clear vote in the Democratic primary for Mayor over grim, tarnished, car-dependent Cuomo.
If affordable housing over railyards doesn’t work, are “politicians & activists” to blame? Columnist at The Real Deal criticizes unrealistic goals, but New York State backed developer Ratner’s unwise (and renegotiated) Atlantic Yards plans.
To meet city housing goals, do we simply build bigger? What about infrastructure (and the region)? That’s relevant to the future of Atlantic Yards. London, for example, has done much better, with a new train line.
So Type.Set.Brooklyn, BSE Global’s new “digital first global media brand,” is supposed to rely on “Brooklyn’s intrinsic values”? I have some doubts.
In 2025 Forbes Global 2000, Greenland Holdings, parent of Greenland USA, continues drop, to #931 from #891. In the Fortune Global 500, Greenland plunges to #480, from #291. In latest Moody’s analysis, Greenland retains near-bottom credit rating.
As we await a new mayor, remember columnist Errol Louis’s 2010 warning: the bill for the railyard platform might “get handed to the city or state a decade from now.” Or, perhaps, the cost will be finessed by giving away more bulk—free vertical land.
The Brooklyn Nets had five first-round draft picks. So 2025-26 likely will be another rebuilding year.
July 2025
Revisiting BrooklynSpeaks’ 2022 Crossroads session: a huge irony. Participants at the charrette said the developer shouldn’t get more slack without delivering on commitments. But New York State had already agreed on an expanded Site 5 plan.
.
This would not only reward Greenland, but also benefit BSE Global, which owns the arena company and would get the plaza made permanent. (BSE Global, a clear financial winner in this project, should pay.)
Art, promotion, or both? The “Liberty Portraits” are a BSE Global power move. Stirring and bewildering, the Ticketmaster Plaza exhibit claims to be public-spirited but most serves the brand.
The new exhibit complements/reinforces the “We belong here” art/advertising installation.
Goodbye, Get Your Guide: Brooklyn Nets, again claiming alignment on “values,” sign another jersey patch partner, medical billing company All In Won.
City & State ranks Joe and Clara Wu Tsai, owners of the Brooklyn Nets, New York Liberty, and the Barclays Center operating company, #43 in the Brooklyn Power 100. That’s too low. That ignores the Brooklyn “ecosystem” and recent power moves.
As new Trump Kings County Republican Club slams Atlantic Yards for “systemic failure,” remember: it’s bipartisan (and developer Trump worked the system, duh).
A few days after that, BrooklynSpeaks, the main vector for public advocacy regarding the project, launches a petition to urge Gov. Kathy Hochul to enforce the penalties, which have been suspended as ESD waits for a new plan.
Note that former Deputy Mayor Alicia Glen in 2023 told the Real Deal that the penalties should be upheld.
How could the “100% affordable” 38 Sixth Ave. tower have been approved without an on-site or nearby super? Unclear. The lack of a super has hampered maintenance at the building, residents say.
Revisiting BrooklynSpeaks’ 2022 Crossroads session: a huge irony. Participants at the charrette said the developer shouldn’t get more slack without delivering on commitments. But New York State had already agreed on an expanded Site 5 plan.
.
This would not only reward Greenland, but also benefit BSE Global, which owns the arena company and would get the plaza made permanent. (BSE Global, a clear financial winner in this project, should pay.)
Art, promotion, or both? The “Liberty Portraits” are a BSE Global power move. Stirring and bewildering, the Ticketmaster Plaza exhibit claims to be public-spirited but most serves the brand.
The new exhibit complements/reinforces the “We belong here” art/advertising installation.
Goodbye, Get Your Guide: Brooklyn Nets, again claiming alignment on “values,” sign another jersey patch partner, medical billing company All In Won.
City & State ranks Joe and Clara Wu Tsai, owners of the Brooklyn Nets, New York Liberty, and the Barclays Center operating company, #43 in the Brooklyn Power 100. That’s too low. That ignores the Brooklyn “ecosystem” and recent power moves.
As new Trump Kings County Republican Club slams Atlantic Yards for “systemic failure,” remember: it’s bipartisan (and developer Trump worked the system, duh).
A few days after that, BrooklynSpeaks, the main vector for public advocacy regarding the project, launches a petition to urge Gov. Kathy Hochul to enforce the penalties, which have been suspended as ESD waits for a new plan.
Note that former Deputy Mayor Alicia Glen in 2023 told the Real Deal that the penalties should be upheld.
How could the “100% affordable” 38 Sixth Ave. tower have been approved without an on-site or nearby super? Unclear. The lack of a super has hampered maintenance at the building, residents say.
For part of a week, the 23-story building had just one working elevator.
“Pacific Park”—the 2.7 acres of open space (of 8 acres, ultimately), currently limited to the southeast block of the project—has been under stress. The Main Lawn, between the two 595 Dean towers (B12-B13), has become remarkably worn in barely eight months.
While new maintenance ordered by the governing Pacific Park Conservancy has improved things, it’s not quite enough, as worn segments persist.
BSE Global CEO Sam Zussman says Barclays Center should offer a “Brooklyn DNA-based experience.” That buzzword it shows how they’re doubling down on the professed Brooklyn “ecosystem” of sports, experiences, media, and more.
As part of BSE Global’s plan for “generational fandom” for Brooklyn Nets and New York Liberty, school hoops clinics have distributed 32,000 t-shirts this past year, while a STEM curriculum has engaged 1,000+ students. It’s smart marketing.
For the proposed Brooklyn Marine Terminal development, 122 acres in Red Hook and the Columbia Street Waterfront area, Atlantic Yards seems a cautionary tale. So it was unusual to see a split among leaders of BrooklynSpeaks, the main coalition left to respond to Atlantic Yards, regarding the BMT plan.
Is Atlantic Yards “next to” the arena? For the New York Times, it’s “Atlantic Yards down the memory hole.” Stale photo, too.
“Pacific Park”—the 2.7 acres of open space (of 8 acres, ultimately), currently limited to the southeast block of the project—has been under stress. The Main Lawn, between the two 595 Dean towers (B12-B13), has become remarkably worn in barely eight months.
While new maintenance ordered by the governing Pacific Park Conservancy has improved things, it’s not quite enough, as worn segments persist.
BSE Global CEO Sam Zussman says Barclays Center should offer a “Brooklyn DNA-based experience.” That buzzword it shows how they’re doubling down on the professed Brooklyn “ecosystem” of sports, experiences, media, and more.
As part of BSE Global’s plan for “generational fandom” for Brooklyn Nets and New York Liberty, school hoops clinics have distributed 32,000 t-shirts this past year, while a STEM curriculum has engaged 1,000+ students. It’s smart marketing.
For the proposed Brooklyn Marine Terminal development, 122 acres in Red Hook and the Columbia Street Waterfront area, Atlantic Yards seems a cautionary tale. So it was unusual to see a split among leaders of BrooklynSpeaks, the main coalition left to respond to Atlantic Yards, regarding the BMT plan.
Is Atlantic Yards “next to” the arena? For the New York Times, it’s “Atlantic Yards down the memory hole.” Stale photo, too.
Cirrus-LCOR alliance, backed by construction unions and aiming for Atlantic Yards, is awarded rights by New York City to develop the former Flushing Airport site in Queens.
August 2025
Who else made bank on Atlantic Yards/Pacific Park? The law firms and consultants have earned $63.4 million of the developers’ funds. Shouldn’t some of that money support a public response?
Why not a few bucks for the public? Could there be an independent voice?
Why valuable Site 5 (worth $250M-$400M+?), across from the arena, is key to restarting Atlantic Yards, and why New York State has far more leverage than it acknowledges.
When it comes to enforcement of Atlantic Yards penalties, why is Democratic Mayoral nominee Mamdani so cautious, especially compared to Republican Curtis Sliwa?
Does developer Greenland USA have a case for Unavoidable Delay, and thus could hold off the affordable housing penalties? Maybe, but ESD should have come clean sooner and seems wary of exercising power.
Does collecting damages for that missing housing make “it less likely the project gets built,” as real estate consultant tells Gothamist? It’s not so simple.
Flashback to 2014 Videos: “Pacific Park, Brooklyn’s Newest Neighborhood”? A “Neighborhood From Scratch”? As we await new plans, let’s recall a series of promotional videos produced in 2014.
“The New York we love is a place that largely happened by accident. But what if it happened on purpose?” one narrator states. Now, as the record shows, we can say: what if it didn’t?
Grub Street asks: “Is Vanderbilt Avenue Cursed?” Probably not, since certain turnover of restaurants is inevitable.
In article on modular construction, New York Review of Architecture discloses that ill-fated 461 Dean (aka B2) was the subject of three audits after it faced delays and leaks.
State Sen. Jabari Brisport goes to bat, on video, to enforce Atlantic Yards affordable housing penalties.
September
New York Liberty ticket prices keep going up and loyalists, especially with once reasonably-priced courtside seats, feel the pain.
470 Vanderbilt office building, across Atlantic Avenue from Atlantic Yards site (and once contemplated for Atlantic Yards housing!), sold again, this time for a big loss.
New owners of former Pintchik properties near arena now pitching “The Retail at Flatbush and Bergen,” with a wobbly map, centered on the arena.
So, how was the Planet Brooklyn festival? Lots of fun reported, especially by promoter-associated media. More noise complaints and illegal vendors, too.
The defending WNBA champions Liberty exited the playoffs quickly—and fired Coach Sandy Brondello. Still, BSE Global got a nice bounce opening the new Brooklyn Basketball Training Center. Youth clinic cost: $520/8 hours or $1,000/16 hours.
Bus priority plan on Flatbush Avenue would leave little slack near Barclays Center. With “No Standing” in pockets near arena, wouldn’t enforcement be needed to prevent congestion? Also, change in Pacific Street direction could challenge Site 5 construction. Stay tuned.
Lessons from twists in Brooklyn Marine Terminal and Coney Island development dramas. For Atlantic Yards, does this mean that new promises and safeguards get a “big thing” done in the name of “abundance,” the new buzzword among Democrats and YIMBYs?
If Hudson Yards got taxpayers to pay for the platform, what happens with Atlantic Yards? The Manhattan megaproject’s second half rose from the dead thanks to little-scrutinized political and financial maneuvers. Keep watch in Brooklyn.
Who else made bank on Atlantic Yards/Pacific Park? The law firms and consultants have earned $63.4 million of the developers’ funds. Shouldn’t some of that money support a public response?
Why not a few bucks for the public? Could there be an independent voice?
Why valuable Site 5 (worth $250M-$400M+?), across from the arena, is key to restarting Atlantic Yards, and why New York State has far more leverage than it acknowledges.
When it comes to enforcement of Atlantic Yards penalties, why is Democratic Mayoral nominee Mamdani so cautious, especially compared to Republican Curtis Sliwa?
Does developer Greenland USA have a case for Unavoidable Delay, and thus could hold off the affordable housing penalties? Maybe, but ESD should have come clean sooner and seems wary of exercising power.
Does collecting damages for that missing housing make “it less likely the project gets built,” as real estate consultant tells Gothamist? It’s not so simple.
Flashback to 2014 Videos: “Pacific Park, Brooklyn’s Newest Neighborhood”? A “Neighborhood From Scratch”? As we await new plans, let’s recall a series of promotional videos produced in 2014.
“The New York we love is a place that largely happened by accident. But what if it happened on purpose?” one narrator states. Now, as the record shows, we can say: what if it didn’t?
Grub Street asks: “Is Vanderbilt Avenue Cursed?” Probably not, since certain turnover of restaurants is inevitable.
In article on modular construction, New York Review of Architecture discloses that ill-fated 461 Dean (aka B2) was the subject of three audits after it faced delays and leaks.
State Sen. Jabari Brisport goes to bat, on video, to enforce Atlantic Yards affordable housing penalties.
September
New York Liberty ticket prices keep going up and loyalists, especially with once reasonably-priced courtside seats, feel the pain.
470 Vanderbilt office building, across Atlantic Avenue from Atlantic Yards site (and once contemplated for Atlantic Yards housing!), sold again, this time for a big loss.
New owners of former Pintchik properties near arena now pitching “The Retail at Flatbush and Bergen,” with a wobbly map, centered on the arena.
So, how was the Planet Brooklyn festival? Lots of fun reported, especially by promoter-associated media. More noise complaints and illegal vendors, too.
The defending WNBA champions Liberty exited the playoffs quickly—and fired Coach Sandy Brondello. Still, BSE Global got a nice bounce opening the new Brooklyn Basketball Training Center. Youth clinic cost: $520/8 hours or $1,000/16 hours.
Bus priority plan on Flatbush Avenue would leave little slack near Barclays Center. With “No Standing” in pockets near arena, wouldn’t enforcement be needed to prevent congestion? Also, change in Pacific Street direction could challenge Site 5 construction. Stay tuned.
Lessons from twists in Brooklyn Marine Terminal and Coney Island development dramas. For Atlantic Yards, does this mean that new promises and safeguards get a “big thing” done in the name of “abundance,” the new buzzword among Democrats and YIMBYs?
If Hudson Yards got taxpayers to pay for the platform, what happens with Atlantic Yards? The Manhattan megaproject’s second half rose from the dead thanks to little-scrutinized political and financial maneuvers. Keep watch in Brooklyn.
October 2025
An arena naming rights deal in Phoenix, plus the New York Liberty’s rise, again suggest the Barclays Center sponsorship deal is under value. It’s up in 2032.
The arena company again reports modest profits (putting aside paper loss), though with downtick from FY 2024. Capital contribution down from $51M to $15M.
Empire State Development has approved the new development team, led by Cirrus and LCOR, and negotiated a small, almost symbolic, $12 million payment of the affordable housing penalties.
This time, the developers say, is different. They have an argument. But they also face skepticism.
At Atlantic Yards Community Development Corporation meeting, criticism of damages for missing affordable housing, optimism about new permitted developer, big questions re scale, subsidies, affordability
Sportico: After 43% jump in 2024, value of Brooklyn Nets’ parent BSE Global grew “only” 9%, now NBA’s sixth most valuable. Owner Tsai key in NBA China ventures.
As the Brooklyn Nets struggle and “tank,” lots of backlash, including toward non-cheap tickets.
Forbes ranks Liberty’s Breanna Stewart and (lead) owner Wu Tsai among top ten America’s Most Powerful Women in Sports.
An arena naming rights deal in Phoenix, plus the New York Liberty’s rise, again suggest the Barclays Center sponsorship deal is under value. It’s up in 2032.
The arena company again reports modest profits (putting aside paper loss), though with downtick from FY 2024. Capital contribution down from $51M to $15M.
Empire State Development has approved the new development team, led by Cirrus and LCOR, and negotiated a small, almost symbolic, $12 million payment of the affordable housing penalties.
This time, the developers say, is different. They have an argument. But they also face skepticism.
At Atlantic Yards Community Development Corporation meeting, criticism of damages for missing affordable housing, optimism about new permitted developer, big questions re scale, subsidies, affordability
Sportico: After 43% jump in 2024, value of Brooklyn Nets’ parent BSE Global grew “only” 9%, now NBA’s sixth most valuable. Owner Tsai key in NBA China ventures.
 |
| Screenshot from Sportico. |
As the Brooklyn Nets struggle and “tank,” lots of backlash, including toward non-cheap tickets.
Forbes ranks Liberty’s Breanna Stewart and (lead) owner Wu Tsai among top ten America’s Most Powerful Women in Sports.
November 2025
If “there really is no accountability,” as per former ESD executive, why not involve third-party experts regarding the project’s future.
To me, the housing ballot proposals seemed confounding. They still passed, and will empower the mayor’s office over the City Council.
A briefing before the first public workshop, on height and density, ignores the plan for two towers across from arena and hints at new configuration over railyard. Yes, it was a hint.
One Nov. 18, the new developers presented their vision to complete the project: a major increase in scale, adding 1.6 million square feet and some 2,570 apartments, while eliminating one parcel to add open space. Changes to building designs could mean a faster buildout.
This time, they say, is different, citing their ability to leverage previous spending by Greenland on infrastructure. But the “public-private partnership” involves yet unspecified help from city and state taxpayers.
The new developers apparently expect 1.6 million square feet in additional air rights for free. “Today’s context,” they say, justifies bigger buildings. But the 2005 appraisal and bid for MTA development rights, in a different context, envisioned less bulk. Will there be no additional payment?
Is more open space better? Maybe not, if population outpaces it. More acreage would come with a larger percentage increase in apartments.
Developers’ rhetoric suggests low-income units not a priority. The promised faster buildout would dampen increases in base rents, but skyrocketing Area Median Income (AMI) has taken its toll.
Who owns what in the project? What are the real variables? When I asked about ownership, I got the runaround. The variables they present are not so simple.
December 2025
My pre-meeting questions: 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?
As developers propose much larger buildings, their renderings distort reality. Images downplay proposed changes while inflating what’s been approved. Yes, the images are preliminary, but the public is owed more candor.
At advisory board meeting, new focus on affordable housing. Negotiator of original ACORN housing deal points to unmet promises regarding the level of affordability and family-sized units. What are the costs to make it work?
Brooklyn Ascending everywhere? In complex Atlantic Yards ownership structure, at least ten LLCs have “Brooklyn Ascending” in their name. Looking at ownership transfers for Vanderbilt Yard parcels that now involve “Brooklyn Ascending” entities.
Workshop on public realm, retail, and community facilities crowdsources input, but some big gaps. Would “signature open space” be “transformative,” given boost in apartments? How long would it take? What about loading docks, parking issues, Site 5 retail (& LED lighting), and value of arena plaza?
Can public-private development projects be fixed? Well, maybe, according to a panel, but it requires better monitoring, new procedures (approve in phases?), and better execution. Plus, legislators and the public must step up.
What I noticed at the Barclays Center. “The Fighting Spirit of Brooklyn” (via Modelo), a Coney Island boardwalk homage (!), and the obscured Meditation Room. Plus unsurprisingly pricey concessions.
Walgreens finally opened at Pacific Street near Flatbush Avenue.
A sewer and water main installation moved down Dean Street, starting between Sixth and Carlton avenues and then between Carlton and Vanderbilt avenues. Neighbors told me it was frustrating.
At recent public meetings, both state officials and the developers have used the name “Atlantic Yards” rather than “Pacific Park” or “Atlantic Yards/Pacific Park.” I still wouldn’t rule out a name change at some later point.
If “there really is no accountability,” as per former ESD executive, why not involve third-party experts regarding the project’s future.
To me, the housing ballot proposals seemed confounding. They still passed, and will empower the mayor’s office over the City Council.
A briefing before the first public workshop, on height and density, ignores the plan for two towers across from arena and hints at new configuration over railyard. Yes, it was a hint.
One Nov. 18, the new developers presented their vision to complete the project: a major increase in scale, adding 1.6 million square feet and some 2,570 apartments, while eliminating one parcel to add open space. Changes to building designs could mean a faster buildout.
This time, they say, is different, citing their ability to leverage previous spending by Greenland on infrastructure. But the “public-private partnership” involves yet unspecified help from city and state taxpayers.
The new developers apparently expect 1.6 million square feet in additional air rights for free. “Today’s context,” they say, justifies bigger buildings. But the 2005 appraisal and bid for MTA development rights, in a different context, envisioned less bulk. Will there be no additional payment?
Is more open space better? Maybe not, if population outpaces it. More acreage would come with a larger percentage increase in apartments.
Developers’ rhetoric suggests low-income units not a priority. The promised faster buildout would dampen increases in base rents, but skyrocketing Area Median Income (AMI) has taken its toll.
Who owns what in the project? What are the real variables? When I asked about ownership, I got the runaround. The variables they present are not so simple.
 |
From developers’ presentation. Annotations added |
December 2025
My pre-meeting questions: 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?
As developers propose much larger buildings, their renderings distort reality. Images downplay proposed changes while inflating what’s been approved. Yes, the images are preliminary, but the public is owed more candor.
At advisory board meeting, new focus on affordable housing. Negotiator of original ACORN housing deal points to unmet promises regarding the level of affordability and family-sized units. What are the costs to make it work?
 |
| Graphic from BrooklynSpeaks |
Brooklyn Ascending everywhere? In complex Atlantic Yards ownership structure, at least ten LLCs have “Brooklyn Ascending” in their name. Looking at ownership transfers for Vanderbilt Yard parcels that now involve “Brooklyn Ascending” entities.
Workshop on public realm, retail, and community facilities crowdsources input, but some big gaps. Would “signature open space” be “transformative,” given boost in apartments? How long would it take? What about loading docks, parking issues, Site 5 retail (& LED lighting), and value of arena plaza?
Can public-private development projects be fixed? Well, maybe, according to a panel, but it requires better monitoring, new procedures (approve in phases?), and better execution. Plus, legislators and the public must step up.
What I noticed at the Barclays Center. “The Fighting Spirit of Brooklyn” (via Modelo), a Coney Island boardwalk homage (!), and the obscured Meditation Room. Plus unsurprisingly pricey concessions.
Walgreens finally opened at Pacific Street near Flatbush Avenue.
A sewer and water main installation moved down Dean Street, starting between Sixth and Carlton avenues and then between Carlton and Vanderbilt avenues. Neighbors told me it was frustrating.
At recent public meetings, both state officials and the developers have used the name “Atlantic Yards” rather than “Pacific Park” or “Atlantic Yards/Pacific Park.” I still wouldn’t rule out a name change at some later point.
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