Forest City Ratner

After 20 years, Pacific Park faces foreclosure and an uncertain future

Photo credit: Amaury Laporte via Flickr.

December 19, 2023

After 20 years, Pacific Park faces foreclosure and an uncertain future

As the massive Brooklyn megadevelopment once known as Atlantic Yards reaches its 20th anniversary, news of the project's progress has been scarce. But recent changes affecting the development anchored by Barclays Center may put the 22-acre site–now known as Pacific Park–back in the spotlight. As The Real Deal reported in a wrap-up of its progress over the past two decades, current developer Greenland USA has defaulted on nearly $350 million in loans attached to the project's second phase. With foreclosure imminent, an auction, scheduled for next month, may mean a new developer will be responsible for fulfilling crucial affordable housing agreements and inherit penalties for unbuilt units.
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Developer of the world’s tallest prefab tower in Brooklyn is exiting the modular business

Image via Field Condition

October 6, 2016

Developer of the world’s tallest prefab tower in Brooklyn is exiting the modular business

By Michelle Cohen

After boasting that it had “cracked the code” on modular construction, with plans for a Brooklyn factory, developer Forest City Ratner is exiting the prefab building business, reports the New York Times. The factory at the Brooklyn Navy Yard will be sold to Roger Krulak, a former Forest City executive, along with the technology used to construct the world's tallest prefabricated steel structure, the 32-story 461 Dean Street in the Pacific Park complex in Brooklyn. Construction on the building has just been completed and 461 Dean is weeks from getting its first residents.
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Architecture And Design

Atlantic Yards’ B2 Tower Employing Anti-Nausea Technology From NASA

B2 Tower photo © Field Condition

October 26, 2015

Atlantic Yards’ B2 Tower Employing Anti-Nausea Technology From NASA

By Dana Schulz

"A new technology, designed to tame forces that could separate an astronaut’s eyeball from her retina, may also keep the one percent from throwing up," says The Real Deal. They're talking about a fluid harmonic disruptor, a device used during space takeoffs to protect astronauts from violent vibrations, which will be employed by structural engineering firm Thornton Tomasetti at Forest City Ratner’s B2 BKLYN, the 32-story modular tower at Pacific Park that could definitely succumb to queasy-making swaying and vibrations. The firm will put six water-filled pipes on the roof of the building, making up 0.5 percent of its total mass; then the disruptor will alter how the fluid, and therefore the building, reacts to wind and other vibrations.
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Image via Field Condition

September 3, 2015

Leaks and Alignment Issues Plaguing Atlantic Yards’ B2 Tower Were More Severe Than Reported

By Diane Pham

When it was announced that Brooklyn would be host to the world's tallest prefab tower, many believed that a new era of construction was upon us. Called the B2 Tower, the building would rise as stacked 32-story structure, affording all the perks of a conventional edifice, but be quick and inexpensive to build. But as it has been well-documented, the project, announced way back in 2012, has been a major flop. Stricken with delays and countless lawsuits flying left and right, the building today has only reached about half of its height. So where did things go so wrong? A fascinating piece by the Atlantic Yards/Pacific Park Report's Norman Oder on City Limits provides some incredible insight into the project that has failed to deliver on just about every promise put forward.
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June 24, 2015

Renderings Revealed for Pacific Park Mega-Development’s Eight-Acre Green Space

By Dana Schulz

Formerly known as Atlantic Yards, Pacific Park Brooklyn will be a 22-acre site anchored by the Barclays Center in Prospect Heights and containing eight million square feet of mixed-use development that includes 16 condo towers and 2,250 units of affordable housing, as well as an eight-acre park. Almost a year ago, developers Forest City Ratner Companies and Greenland USA (now merged as Greenland Forest City Partners) announced that they'd chosen Thomas Balsley Associates to design the green space. And now, we're finally seeing the first set of renderings for the public space, in addition to a master plan. The Daily News first shared the renderings, showing "the long, meandering park, which will follow the footprint of the new towers." The outdoor space will boast a public plaza and promenade, toddler and children's play areas, a bocce ball court, basketball court, dog run, glowing lanterns, sloping lawns, and a water garden.
More details ahead

Photo © Field Condition

October 27, 2014

Has the Failed B2 Tower Ruined Large-Scale Prefab Housing for the City?

By Diane Pham

Prefab housing has taken the world by storm in the last years, lauded for its low cost and flexibility, with buildings ranging from single-family homes to art schools popping up across the globe. But not until Forest City Ratner's plan for B2 BKLYN have we seen an attempt to build a large-scale module tower topping out at 32-stories—the world's tallest prefab tower. It's well known that the project has been a big flop; construction was far slower than originally projected and was halted in August amidst disputes between the builder, Skansa USA, and the developer, Forest City Ratner. In September lawsuits went flying, both pointing fingers as to why the whole thing failed. Forest City blamed the execution of the plan, while Skanska said the design was flawed. Fast-forward to today, and the work on the tower has been shut down with only 10 stories erected. A recent WSJ article looks at where the whole thing went awry, and more importantly: Is pre-fab construction even feasible at such a scale?
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October 20, 2014

Real Estate Wire: Forest City Selling Their Stake in Barclays Center; Re-zoning for One Vanderbilt Certified

By Diane Pham

Forest City Enterprises is putting its 55% stake in Barclays up for sale. [Brooklyn Eagle] The Department of City Planning certified a five-block rezoning application today for a stretch of Vanderbilt Avenue near Grand Central Terminal that includes SL Green’s One Vanderbilt tower. [CO] Mayor Bill de Blasio has rejected JPMorgan Chase’s request for $1B in […]

Real Estate Trends

October 13, 2014

Real Estate Wire: The City’s Top Real Estate Projects; A Video from the Top of 432 Park

By Diane Pham

The 10 biggest real estate projects coming to the city. [TRD] Video views from the top of 432 Park Avenue, which tops out tomorrow. [NYT] Leasing starts at Naftali’s the Arthur, a luxurious prewar rental building located at 245 West 25th Street. [CityRealty] A 10-story parking garage will close along Fulton Street to make way […]

Real Estate Trends

September 22, 2014

Real Estate Wire: 15 CPW Pad Sells for 3x’s Its Purchase Price; Atlantic Yards Modular Tower Could Leak

By Diane Pham

A tower unit at 15 Central Park West has sold for nearly $10M, about three times what the owner paid for it. [NYO] The Astoria Cove housing development is required to set aside 20% of its 1,700 units for lower-income residents, but the city may push for as many as 30%. [Crain’s] The Fiscal Policy Institute […]

Real Estate Trends

September 19, 2014

Real Estate Wire: State Seizes Seven Properties for the Atlantic Yards; BAM Cultural District Gets $131M

By Diane Pham

The state has gotten approval to seize seven sites for Forest City Ratner’s Pacific Park Brooklyn project (previously named Atlantic Yards). Tenants now have 90 days to vacate their units. [DNA Info] The $1B three-tower expansion for Silvercup West is back on track. [Curbed] Most of the world’s billionaires call NYC home. [TRD] Winston Von […]

Real Estate Trends

Real Estate Wire: $1M Parking Spots; 700 Non-Toxic Condos Coming to Gowanus

By Diane Pham

The Arthur G. Cohen Estate has put in a $205M bid for the Chelsea Dream Hotel. [CO] New York isn’t expensive as you think it is. If you’re rich by U.S. standards, you’re probably also rich by New York standards according to these two graphs at Slate and Vox. [Slate/Vox] The Annabelle Selldorf-designed 42 Crosby […]

Real Estate Trends

September 8, 2014

Real Estate Wire: David Sanborn Sells Finally Sells His Townhouse; Philip House Penthouses for Sale

By Diane Pham

Inside the Park Slope condos giving away a Tesla with every purchase. [Curbed] Forest City Ratner slaps Skanska USA with a second lawsuit over the B2 modular tower. [TRD] The Philip House, located at 141 East 88th Street, has added ten new residences for sale, including four penthouses. [Philip House Residences] After several years of […]

Real Estate Trends

September 2, 2014

Real Estate Wire: SHoP’s B2 Modular Tower Runs Into More Problems; It’s Cheaper to Buy Than Rent

By Diane Pham

It’s cheaper to buy than rent in a number of US cities. [Business Insider] Forest City is suing Skanska over the Pacific Park (formerly the Atlantic Yards) B2 modular tower. Skanska issued a Stop Work Order last week over cost overruns, and Forest City is now countering with a lawsuit saying Skanska agreed to a […]

Real Estate Trends

August 28, 2014

Real Estate Wire: Construction on NYC’s Tallest Modular Tower Stalled Again; Yankees’ Martin Prado Moving to the Atelier

By Diane Pham

NYC’s tallest modular tower located at Pacific Park (formerly Atlantic Yards), and designed by SHoP Architects, has been stalled again due to a dispute between the developer, Forest City Ratner, and the contractor, Skanska USA. [Crain’s] New condos will replace a Williamsburg parking lot located at Union Avenue and South 3rd. [Curbed] This week the New York […]

Real Estate Trends

August 4, 2014

Greenland Forest City Partners Selects COOKFOX and Thomas Balsley for Pacific Park Brooklyn (Formerly Atlantic Yards)

By Dana Schulz

Forest City Ratner Companies and Greenland USA, a subsidiary of Shanghai-based Greenland Group, announced today that their new joint venture, Greenland Forest City Partners, has selected COOKFOX Architects to design two residential buildings at their Pacific Park Brooklyn project. They've also chosen Thomas Balsley Associates to design the site's eight-acre public park, which will be called Pacific Park. Formerly known as Atlantic Yards, Pacific Park Brooklyn will be a 22-acre site anchored by the Barclays Center and containing 8 million square feet of mixed-use development. The public park will be revealed in phases, with permanent and temporary installations. COOKFOX has begun the design for its two residential buildings-- 550 Vanderbilt Avenue, set to feature 275 condominiums, and 535 Carlton Avenue, which will have approximately 300 affordable rentals. Construction is expected to begin on the latter this December, with 550 Vanderbilt not far behind. A third residential building will be designed by SHoP Architects, who were the minds behind the Barclays Center, at 30 Sixth Avenue with another 300 affordable rentals.
Much more on the project here

May 13, 2014

5 Architecture Firms Envision an Ideal Atlantic Yards

By Aisha Carter

The creative mind is so spectacular. There’s nothing more fun for designers than to be given a project where they can allow their imaginations to run rampant. Never was this more evident than with The Warehouse Gallery’s new exhibit opening next month. Five architecture firms were asked to design an idealistic plan of Atlantic Yards, conforming to the same dimensions as the actual project headed up by developer Forest City Ratner. These proportions include 4,278,000 square feet of housing and 156,00 square feet of retail space.
Find out more about the project here

April 7, 2014

Barclays Center is Getting a Green Roof!

By Susan Cohen

There is one more thing to cheer about at Barclays Center. The sports and entertainment venue in Brooklyn is about to get a little greener thanks to a collaboration between Forest City Ratner Companies (FCRC) and the Shanghai-based Greenland Group Co. Barclays will soon be topped off with small plants and a soil-like cover to create an expansive 130,000-square-foot green roof!
Going green

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