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NY Real Estate Commercial
Second Apartment Tower Near Barclays Center Breaks Ground
From the Wall Street Journal of Mon, 15 Dec 2014 13:41:49 EST
A rendering of a forthcoming apartment tower next to the Barclays Center in downtown Brooklyn.
A rendering of a forthcoming apartment tower next to the Barclays Center in downtown Brooklyn. Forest City Ratner Cos.

Construction is moving ahead on a second apartment tower next to Barclays Center in downtown Brooklyn.

Mayor Bill de Blasio joined other elected officials and business executives Monday for a ceremonial groundbreaking on the 298-unit tower, dubbed 535 Carlton Avenue.

All the building’s apartments will be considered affordable: 50% for middle-income tenants; 20% for moderate; and 30% for low-income.

“We intend to take every opportunity, push every partner, and stretch every dollar further as we take on this affordability crisis,” said Mr. de Blasio.

A partnership of Greenland Group Co. and Forest City Ratner Cos. has promised to build 2,250 affordable apartments by 2025 at the site. Formerly know as Atlantic Yards, the project is now known as Pacific Park Brooklyn.

The de Blasio administration says a third affordable building will break ground in 2015.

The first tower on the site, known as B2, broke ground in 2012 but has been delayed because of disputes between the developer and the project’s general contractor, Skanska AB. The building’s modular-construction technology was supposed to lower the cost of construction, but instead the parties are now involved in a dispute over costs.

Half of the units in the first building are set aside for low- and middle-income tenants.

Initially, Forest City Ratner anticipated that the overall project would be built by 2016, but the company said that lawsuits and the recession slowed the venture. In the spring, the developers signed an agreement with the state, which oversees the project, to adhere to the new timeline.

The units will now count toward this administration’s goal of building or preserving 200,000 affordable units over the next decade. Mr. de Blasio said at the press event that his administration would reach its goal for this year of delivering 16,000 units.

The developers also plan to begin work on Tuesday on a market-rate condo tower that is also part of the project.

—Joe Jackson and Eliot Brown contributed to this article.



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