Greenland USA can move forward with the platform at Pacific Park. But will it?
The developer and the MTA have reached a handshake deal on how to move forward with the platform over the railyard by Barclays Center, to ensure the Long Island Rail Road’s operations are undisturbed by the work.
Greenland estimates building the platform will take 36 to 40 months, after which three towers can be built. But when Greenland will start on the platform is unclear.
The developer indicated that it is discussing a date with the MTA, but the absence of 421a looms large. Greenland has maintained that it will need the tax break or some kind of subsidy to deliver the remaining affordable housing required at Pacific Park.
“Like all developers, we're trying to work out the landscape of no tax abatements,” Greenland’s Joshua Cohen said at a public meeting this week. “We're working through exactly the timing schedule of how we build and what we build."
The developer has indicated that only one of the three towers — a 682-unit building dubbed B5 — planned atop the platform vested under the now-expired program. It would still need to beat the June 2026 completion deadline to get the tax break.
I was told that the state is waiting to see if the legislature reauthorizes 421a. If not, the officials would consider providing benefits akin to the tax break through another mechanism, such as payments in lieu of taxes.
But Greenland does not have time for a wait-and-see approach. The agreement for what used to be called Atlantic Yards requires the developer to deliver 2,250 below-market apartments by the end of May 2025. Greenland is still 876 short.
It seems likely that the firm will bring on a partner if it plans to see the project through. Keep an eye out for more coverage.