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

Click on graphic to enlarge. This is post-dated to stay at the top of the blog. It will be updated as announced configurations change and buildings launch. The August 2014 tentative configurations proposed by developer Greenland Forest City Partners will change, and the project is already well behind that tentative timetable.

From Forest City's Gilmartin, a nugget about short-term thinking at publicly traded firms

In a 9/1/17 article headlined NYC’s next wave of dynasties, The Real Deal has an interesting quote about Forest City Realty Trust (formerly Forest City Enterprises) and its New York arm, Forest City New York (formerly Forest City Ratner): The company is now entering a new phase — and with a new name, Forest City New York — focusing less on development and more on investing in market-rate apartments and office properties.
...Still, [Forest City New York CEO MaryAnne] Gilmartin said private companies have the advantage in the development game because they can make “long-game investments” and don’t need to focus as much on quarterly profits.
“We are subject less to the issues around investments from companies here and abroad and more beholden to the public market,” she said.
On the other hand, private companies are often at the mercy of lenders, who they frequently rely on to provide construction financing. For the last few years, the lending spigot has tightened. This strikes me as a part…

Next Atlantic Yards CDC meeting: maybe early October

One forum where uncertainty about the Atlantic Yards/Pacific Park timetable--with no new buildings planned--should get further attention is the next meeting of the Atlantic Yards Community Development Corporation (AY CDC), the advisory body that's a subsidiary of Empire State Development (ESD), the state authority overseeing/shepherding the project.

Except we're not sure when the AY CDC, which is supposed to meet quarterly (but last met 6/6/17), is going to meet.

At Tuesday's bi-monthly Atlantic Yards/Pacific Park Quality of Life meeting, I asked Tobi Jaiyesimi, who serves as both as ESD's Atlantic Yards Project Manager and AY CDC Executive Director, about the next AY CDC meeting.

"That was actually on my list of things to do," she responded. "It hasn't been confirmed yet, because we are running into the ever problem that we always run into, which is the idea of a quorum, but we are hoping to get something scheduled for the first week of October. I r…

Same as it ever was (til January): BP Adams raising $ for linked nonprofit from businesses including Forest City

The New York Post's Rich Calder broke the story 9/17/17, Brooklyn president scrambles for donations before rule change, and I don't think anyone's followed up:
Brooklyn Borough President Eric Adams is racing the clock to rack in big-buck donations for a controversial nonprofit he created to advance pet projects — all before a new city law takes effect in January that will dramatically limit such contributions.  Roughly a year after federal and state prosecutors helped shame Mayor de Blasio into shuttering his Campaign for One New York, which aggressively raised funds from people doing business with the city, Adams’ One Brooklyn Fund — which has also been the subject of multiple investigations — is set to host its first major fundraiser.  The deep-pocketed supporters invited to the Sept. 27 “inaugural gala” at the Brooklyn Museum include companies who have received work or have other types of business relationships with the city, according to people on the guest list. He go…

As FCRT explores "alternatives," there should be a market for part/all of the firm

A story yesterday in National Real Estate Investor, Forest City Would Attract Plenty of Bidders in a Potential Sale, notes that yesterday's announced sale of Forest City Realty Trust's New York retail portfolio (including Atlantic Terminal and Atlantic Center malls) was long in the works, but that the rest of the company could be in play, thanks to the company's 9/11/17 announcement "to explore a broad range of alternatives to enhance stockholder value."

Given its location in major urban centers, real estate analyst Paul Adornato tells NERI, Forest City “would be a very attractive target.” It also has unused development rights. But the "additional income potential" of projects in process, including Pacific Park Brooklyn, should be tempered by a recognition that that project at least has been stalled and subject to a glut of market rate units.

Beyond selling particular assets, an interviewee suggested that various large entities, such as Blackstone or Br…

Madison International buys remaining share of Forest City's NYC malls; considers roof deck and more opposite arena

Well, in January, the Real Deal reported that Madison International, already a 49% owner of Forest City Realty Trust's New York City retail portfolio, was aiming to buy the remainder of the property, and now it's official.

The agreement announced today (press releases at bottom) values Forest City's interest at about $1 billion; we'll see if that's deemed a good price or a sale from weakness.

Not only is Madison buying Atlantic Terminal and Atlantic Center malls, across from the Barclays Center, it is "considering the potential redevelopment" of both. Crain's adds detail:
[Madison's Ronald] Dickerman said his firm plans to invest "ten of millions of dollars" repositioning the two adjacent Downtown Brooklyn properties to bring in new tenants and make the complex a hipper destination. Included in the plans are an increased number of food options and the installation of a roof deck that Dickerman said would lure larger crowds from the Barcl…

No update on construction timetable; developer admits B15 site "disgusting," cites partial progress

OK, the hole in the sidewalk outside the B15 site was fixed recently, but weeds, garbage, and rats persist just east of Sixth Avenue between Dean and Pacific streets, given an indifferently maintained, long-stalled site.

After complaints from neighbors last night at the bi-monthly Atlantic Yards/Pacific Park Quality of Life meeting, even Ashley Cotton, Forest City New York's External Affairs EVP, acknowledged "you’re right, it’s disgusting" and announced partial progress.

Because the joint venture Greenland Forest City Partners is still negotiating with a site neighbor about construction protections--the issue in a lawsuit from another neighbor, which was resolved--"we’re in a tricky place," Cotton said, with no construction start imminent.

The building design was announced in December 2015, but delays surfaced in June 2016. Even if the neighbor issue is resolved, given the glut of luxury units, there may not be a business case for the planned 664 Pacific, wit…

The Islanders in Nassau: a "tease" of a return

So, the New York Islanders held a pre-season game Sunday at the renovated/downsized Nassau Coliseum--er, NYCB Live--and it sold out, with 13,917 fans, many tailgating in the parking lot. "Bring them back," chanted fans.

Does that mean the team, engaged in renegotiating its Barclays Center lease and likely bidding on a new arena at the Belmont racetrack site, might return to a shrunken Nassau arena, with few luxury boxes? Not so likely.

A tease at the Coliseum, wrote Newsday's Randi Marshall, who interviewed Brett Yormark, CEO executive of Brooklyn Sports & Entertainment, which operates both arenas:
Yormark told The Point he sees a two-phase opportunity: first, the Islanders come back for some games, perhaps temporarily; and second, if the team reconsiders making the arena a more permanent home. Both, he noted, would require “doable” improvements to the arena.
“I think yesterday was a great first step for us in what will be a multistep process,” Yormark said in an inter…

Outside B15 site, sidewalk hazard finally fixed (in time for tonight's meeting)

Hey, remember the photo at right, which I published more than two months ago, of the sidewalk on the south side of Pacific Street east of Sixth Avenue, outside the stalled B15 site?

It was a hazard and, actually, a sign of more blight than was found in 2006 by Empire State Development (ESD), the state authority shepherding/overseeing Atlantic Yards (now Pacific Park).

In this case, rather than the state authority using the broken sidewalk (and other sidewalk cracks) as a justification for eminent domain, the city Department of Transportation first tried abatement, ordering the property owner--in this case, ESD, though the site would be taken over by the developer--to fix the hazard or face a fine.

And the fix has been accomplished, as shown in the photo below, from late last week. Perhaps the timing of it all will be discussed at tonight's Atlantic Yards/Pacific Park Quality of Life meeting.