Weekly Digest #5: Hurry Up and Wait
Weekly Digest #5: Hurry Up and Wait
No, the foreclosure sale of six railyard development sites did not proceed as scheduled. But the 550 Vanderbilt retail condos were sold.
Programming note: I aim to publish a new, bigger-picture article every week, on Mondays. But tomorrow’s a holiday, so I’ll send it on Tuesday.
This weekly digest offers a way for people to keep up with my Atlantic Yards/Pacific Park Report blog, as well as my other coverage in this newsletter.
The big news was no news. The announced Jan. 11 foreclosure auction of six development sites didn’t happen, but was postponed until Feb. 12. That doesn’t mean it will happen.
From: Learning from Atlantic Yards/Pacific Park (Substack)
Jan. 8: 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.
From: Atlantic Yards/Pacific Park Report
Jan. 9: 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.
Jan. 10: 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.
Jan. 11: Will the future of Atlantic Yards/Pacific Park be decided in foreclosure auctions today? Clues are elusive.
Jan. 12: Gov. Hochul to propose letting city replace 421-a tax abatement, affordability unclear. Is it politically doomed? Also, a proposed extension for vested projects, which means the B5 tower over the railyard could qualify, at least if it gets started.
Jan. 13: Foreclosure auction of six development parcels postponed until Feb. 12. Will it happen? Lots of unknowns.