According to the Wall Street Journal, a rescue plan is being developed for the long-delayed and partially finished Pacific Park mega-project in Downtown Brooklyn. The proposed solution involves Related Companies partnering with U.S. Immigration Fund and Fortress, who collectively hold $300 million in debt related to the project and are planning to foreclose this fall.
However, before this plan can be implemented, it must first be approved by the Metropolitan Transportation Authority (MTA), which owns the rail yard where Pacific Park is being built. This process mirrors Related’s successful coordination with MTA and state agency Empire State Development for their Hudson Yards project on Manhattan’s Far West Side.
Originally approved as Atlantic Yards in 2006 with an expected completion date of 2016, Chinese developer Greenland took over control of the project but defaulted on two construction loans last year. As a result, work on Pacific Park has been halted since late 2023 according to WSJ reports.
The article concludes that Related may step in as a potential savior for completing this massive development in Downtown Brooklyn.
