The first phase of the Pacific Park reboot could include 500 affordable units.
During a public meeting last week, Empire State Development officials provided some preliminary details on how the plan for the remaining development sites is taking shape.
The first phase, per Joel Kolkmann, ESD’s senior vice president of real estate development and planning, could include 2,000 housing units across two sites: site 5, which is across the street from the Barclays Center, and B6, which is located on the solid ground portion of a block where a platform will be built over the railyard.
Of those units, 500 would be affordable to those earning, on average, 60 percent of the area median income.
These details are not final and could change. But the potential first phase, as presented, is short of the at least 876 affordable units that were promised as part of Pacific Park. More affordable units are expected in the second phase, though rents will be higher for those income-restricted units, available to those earning up to 120 percent of the area median income. ESD officials indicated that the number of affordable units will ultimately exceed 876 when the project is completed.
Previous plans called for 6,430 units, of which 3,212 have been built. The new developers, a team led by Cirrus Real Estate and LCOR, have proposed bringing the total unit count up to 9,000 — meaning that up to 2,570 housing units could be added to the plan.
Under a 2014 agreement made by previous Pacific Park developers, 2,250 affordable housing units were supposed to be completed by May 31, 2025. The successor developers, Greenland USA, didn’t meet that deadline, with 876 affordable units to go.
Failing to meet the deadline, the developer was supposed to face a fine of $2,000 per month per unbuilt unit, but the state decided against enforcing the penalties, citing fear of litigation that could further hold up the project. ESD officials, however, have said that they could revive the fines if the new developers do not sign a memorandum of understanding outlining their plans for the sites by July 31, 2026.
During last week’s meeting some board members, including Gib Viconi, took issue with the prospect that phase one will not deliver the remaining 876 affordable units. The second phase promises to be more challenging, as it includes multiple platform sites. Cirrus has already floated the possibility that it won’t build on one of the sites, in favor of transferring that density elsewhere.
The meeting ended with an executive session with the developers to discuss the memorandum of understanding. The developers are seeking state subsidies to help pay for the railyard platforms, though ESD would not confirm the amount (The Atlantic Yards/Pacific Park Report substack reported the ask is $350 million, citing a presentation by Viconi). Representatives did not return requests seeking comment.
What we’re thinking about: Will the state budget pass on time? Will the governor’s SEQRA reform proposals make it across the finish line? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Doylestown, Pa., was apparently named for innkeeper William Doyle, who opened “Doyle’s Tavern” in 1745, according to the township’s website. The building, located at the intersection of Main and State streets in the borough, is now home to a Starbucks.
Elsewhere in New York…
— LaGuardia Airport reopened Monday at reduced capacity following a fatal crash that killed two pilots and sent dozens of passengers and crew members to the hospital, Gothamist reports. An Air Canada Flight coming in from Montreal collided with a Port Authority aircraft rescue and firefighting vehicle on Sunday night. The airport shut down Sunday, but reopened at 5:30 a.m. on Monday, with the first flight departing at 2 p.m. The cause of the crash is under investigation
— ICYMI, Gov. Kathy Hochul last week revealed how she wants to change the state’s climate law. Hochul wants to change how methane gas in the atmosphere is measured and to further delay the release of regulations for enforcing the law, City & State reports. The regulations were due in January 2024, and the governor wants to shift the deadline to 2030. Under the law, the state must reduce emissions by 85 percent (compared to 1990 levels) by 2050. The governor isn’t seeking to change that mandate, though she indicated that she wants to set an interim goal for 2040.
Closing Time
Residential: The largest residential sale on Monday was $18 million for a condo unit at 25 Columbus Circle. The condo at the Mandarin Oriental on the Upper West Side is a new development and is an off-market sale.
Commercial: The largest commercial sale was $37.5 million for 37 Ninth Street. The Gowanus building is seven units and 118,000 square feet.
New to the Market: The highest price for a residential property hitting the market was for a penthouse unit for $11 million at 173 Macdougal Street. The Greenwich Village condo is 2,400 square feet. Brown Harris Stevens has the listing.
Breaking Ground: The largest new building permit filed today was for a proposed 338,261-square-foot, 42-story skyscraper with 233-units at 460 10th Avenue in Hell’s Kitchen. Developer Sherwood Equities recently listed the site for sale in November of 2025, per New York Yimby. Christopher Fogarty of Fogarty Finger is the applicant of record.
— Joseph Jungermann
