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Atlantic Yards/Pacific Park graphic: what's built/what might be coming + FAQ (post-dated pinned post)

This graphic, posted in January 2018, is post-dated to stay at the top of the blog. It will be updated as announced configurations change and buildings launch. Note the unbuilt B1 and the proposed shift in bulk to the unbuilt Site 5.

The August 2014 tentative configurations proposed by developer Greenland Forest City Partners will change. The project is already well behind that tentative timetable.

How many people are expected?

Atlantic Yards/Pacific Park has a projected 6,430 apartments housing 2.1 persons per unit (as per Chapter 4 of the 2006 Final Environmental Impact Statement), which would mean 13,503 new residents, with 1,890 among them in low-income affordable rentals, and 2,835 in moderate- and middle-income affordable rentals.

That leaves 8,778 people in market-rate rentals and condos, though let's call it 8,358 after subtracting 420 who may live in 200 promised below-market condos. So that's 5,145 in below-market units, though many of them won't be so cheap.

As …

McKissack CEO on working with Greenland: "It’s an awakening, how we do business here."

There's a rather curious passage in the Commercial Observer's 2/14/18 article, Why Construction Firm McKissack Added Natural Disaster Relief to Its Repertoire, which notes the work of major minority- and woman-owned McKissack & McKissack on the Vanderbilt Yard for the Atlantic Yards/Pacific Park project for Forest City Ratner (now Forest City New York): The biggest change has been working more closely with Greenland since Forest City reduced its ownership in the project to just 5 percent in January. Greenland has more foreign executives, which require more translation.
“They are being cautious because they are not from here and they are not used to our regulations,” [Cheryl] McKissack Daniel said. “They probably run their crews 24/7 [in China]. You can’t do that here. It’s an awakening, how we do business here. But we don’t have a problem with them.” Well, I'm not sure that Greenland runs its crews 24/7 or how much McKissack Daniel was speaking rhetorically.

However, t…

At de Blasio's State of the City, affordable housing rhetoric but not details

So, I finally checked out Mayor Bill de Blasio's 2/13/18 State of the City address and, as the New York Times's William Neuman wrote, "The speech was long on oratory and vision, but it had less to offer in the way of details, new ideas or measurable goals."

According to a video of the event, a preview video (about 31 minutes in) shown to attendees  at the Kings Theatre touched on "creating affordable housing for New Yorkers." The illustration was not ground-up construction but a rent freeze for seniors. Okay.

"So, let me take you to the task at hand, becoming the Fairest Big City in America," de Blasio said, according to the transcript. "The video you saw gave you the flavor of some of the steps we've taken so far what they mean to the people of this city and when you came in this evening, you were handed this booklet, which conveniently is titled, 'The Fairest Big City in America.'"

So what did he talk about? His mandate, he…

That elusive 2025 completion date

So when exactly will Atlantic Yards/Pacific Park be finished? Previous predictions have proven treacherous (remember that ten-year timeline posited upon project approval in 2006?), and the some recent prominent ones, relying on secondhand or stale information, unwisely posit 2025 as the expected completion date.

Consider Curbed's 2/9/18 A guide to the major megaprojects transforming New York City, which includes:
After well over a decade of planning, the megaproject formerly known as Atlantic Yards has made some progress. Now called Pacific Park, the development has seen the opening of the Barclays Center, the modular rental at 461 Dean Street, an all-affordable building at 535 Carlton Avenue, and the COOKFOX-designed condo at 550 Vanderbilt. More residential buildings are the works—the whole thing is due to have 15 by its anticipated completion date of 2025—and the recent acquisition of much of the development by Greenland USA may add some much-needed energy to the project. Or Fo…

Newsday: Coliseum operator and Nassau County executive want to end penalty for not supplying hockey long-term

The Islanders' deal is not quite done.

Newsday's Robert Brodsky and Jim Baumbach had a scoop yesterday, in Laura Curran moves to end Islanders penalty clause. The new Nassau County executive, bowing to a request from Nassau Coliseum operator Brooklyn Sports & Entertainment, says she supports killing the annual $1 million (and ultimately growing) penalty for not playing six required games per year at the Coliseum through 2027.

BS&E argues that the planned 60 games over the next three seasons at Nassau, during the construction of the new Belmont arena, make up for the promise. And they're playing hardball, saying that the latter plan is contingent on the the deal revision.

BS&E has some leverage here: the Islanders need a place to play, and if they can't play some games at Nassau, they'd likely face three more dreary season at the only alternative, the Barclays Center. That said, BS&E would rather get more events set at Nassau and allow alternatives b…

From the latest Construction Alert: National Grid work expected at the intersection of Vanderbilt and Atlantic

The latest Atlantic Yards/Pacific Park Construction Update (bottom), covering the two weeks beginning yesterday, Feb. 12, was circulated at 11:27 am yesterday (late) by Empire State Development (ESD) after preparation by Greenland Forest City Partners.

There's not much new compared to the previous update, but National Grid is anticipated to start project-related infrastructure relocation work near the intersection of Vanderbilt and Atlantic avenues.

Also, previously noted SOE (support of excavation) installationin the northeastern portion of Block 1120 (just west of the Carlton Avenue Bridge) will continue, with the activity of "excavation" added and clarified.

Sidewalk on Dean coming

Outside the B12 site, west of 550 Vanderbilt along Dean Street, the document states, as it did in the previous update, "The 16 foot fence has been removed. Work related to grading the site will continue. Sidewalk replacement will occur when permits are received."

Weekend work


NREI: caution on Brookfield bid for Forest City

From National Real Estate Investor today, Would Forest City Agree to a Brookfield Deal?, suggests caution on the the reported interest of Brookfield Asset Management in buying Forest City Realty Trust: the reported offer price is just too low, say investment analysts.
In other words, this may be a negotiation to get the bid--reportedly at a discount over 16%--closer to the net asset value.
Also, analyst Sheila McGrath said that tax considerations hamper sales after conversion to a real estate investment trust (REIT) within five years. The company converted to a REIT two years ago. “I think that these additional frictional costs would impede the value of what other buyers might pay at this juncture," she said. "The board may be in a better position to maximize shareholder value when these restrictions burn off in three years."
Does that mean status quo for three years?