Weekly Digest: In Philadelphia Arena Analysis, Misreading Brooklyn
Weekly Digest: In Philadelphia Arena Analysis, Misreading Brooklyn
Also: landlord Avanath, after I wrote about "absurdly priced" rents at "100% affordable" buildings, reverts to what city documents seem to require.
This 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 and elsewhere.
Those examining a potential new arena in downtown Philadelphia, not surprisingly, have been looking at the experience of somewhat comparable arenas, including the Barclays Center in Brooklyn.
I earlier found that ubiquitous consultant CSL International vastly distorted the New York arena concert market, thus arguing, simply, that more venues mean more shows.
Also flawed, from a Brooklyn perspective, is the Community Impact Analysis of the 76 Place Proposal, which focuses mainly on the project’s potential effect on Chinatown, the neighborhood very near the proposed arena site in Market East.
What the EIS omitted
Though the analysis drew on the Atlantic Yards Environmental Impact Statement (EIS), the document, as I wrote, was deeply flawed, miscalculating the project’s timing, assuming a giant office tower, and an arena without the plaza that later turned out to be crucial to arena operations and branding.
The plaza included an oculus—an oval prow with an interior wraparound screen for digital advertising—that was never evaluated.
Moreover, after Joe Tsai in 2019 took over the Brooklyn Nets and the Barclays Center operating company, he added another layer of digital advertising—an LED “wall” over the entrance doors—and used the plaza’s entrance to the transit hub as another vehicle for advertising.
The lesson
In other words, arena operators will try to monetize the maximum amount of exterior space. That’s not visible in the photo below, a flattering image supplied by SHoP Architects for the Philadelphia study.
Moreover, as I wrote, they missed an opportunity to explain that green roof.
My coverage gets results?
In mid-August, I wrote about landlord Avanath Capital's apparent effort to rent 2-BR apartments at 38 Sixth Ave. and 535 Carlton Ave., two "100% affordable" buildings within Atlantic Yards/Pacific Park, for $5,483.
That astounding figure prompted confusion on Reddit, with a poster calling them "absurdly priced."
Had Avanath, the California-based firm that bought both buildings in 2022, figured out how to legally game the rent-stabilization system? Was it violating an agreement with the city? Or was it something else?
I couldn’t be sure. But I can say that, after the publication of my article, the buildings are now being advertised with legitimate rents, consonant with the modest increases expected.
From this newsletter
Sept. 10: Does the Barclays Center 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.
From Atlantic Yards/Pacific Park Report
Sept. 9: As New York Liberty's popularity increases, fans see aggressive price increases for 2025 tickets. Some are outraged. (It's not just "capitalism,” given government assistance.) Get ready for the playoffs.
Sept. 11: 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.
Sept. 12: Is that neon signage outside Barclays Center "Art or Advertising"? Or an "unmistakable message of inclusion" & "visual reflection" of the philanthropy of Joe and Clara Wu Tsai and their Social Justice Fund?
Sept. 13: How did Fortress Investment Group, mainly owned by Abu Dhabi-based wealth fund, get a piece of Atlantic Yards/Pacific Park? Well, it involves the EB-5 investor visa program.
Sept. 14: Barclays Center updates September 2024 calendar with additional concert: Linkin Park on Sept. 16. Then comes the WNBA playoffs.