Forest City Ratner's press release about getting a final $30 million (not that much) in financing for its residential project at 80 DeKalb Avenue is getting a lot of coverage ( here and here ), with one story line, according to the Brooklyn Paper , that "critics pointed out that the state subsidy means that the public will be spending $1.5 million for each affordable unit." No actual critics were quoted in the article, though a couple appear in the comments section. While the state Housing Finance Agency's 80/20 financing plan is surely vulnerable to criticism, the 80 DeKalb project, as I wrote in April, may be a relative bargain for taxpayers. $1.5 million per unit is low The FCR project, along with three others, was selected among 14 projects for the state agency's bonds, because "we view [the 80 DeKalb project] as an efficient use of a scarce resource," said Priscilla Almodovar, President and Chief Executive Officer of HFA. "[T]he developer ag...
This watchdog blog, by journalist Norman Oder, covers the project to build the Barclays Center arena and 15-16 towers at a crucial site in Brooklyn. Dubbed Atlantic Yards by developer Forest City Ratner in 2003, it was rebranded Pacific Park Brooklyn in 2014 after Shanghai-based Greenland USA took a majority share. Forest City left in 2018. Eight towers and the arena have been built. After a stall, Cirrus and LCOR in 2025 took over as master developers. A plan to complete the project is pending.