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January 14, 2011

Panasonic HQ to move from NJ to Brooklyn and FCR's MetroTech or Atlantic Yards? A few unanswered questions and some Site 5 speculation

Atlantic Yards Report

Panasonic might stay in Secaucus or move to other cities, so it's likely the company is conducting a behind-the-scenes subsidy auction.

Remember, in March 2009, Mayor Mike Bloomberg complained about New Jersey dangling subsidies to attract New York-based companies across the river. So would this truly be economic development?

Site 5 location?

There are only two building sites in the Atlantic Yards footprint destined for office space, and the flagship building, Building 1, likely would be too big for Panasonic, which needs 250,000 square feet.

Moreover, Building 1 would be extremely complicated to build, involving an Urban Room attached to the arena rather than the plaza currently planned.

Thus, if Panasonic does move to the Atlantic Yards footprint, Site 5, currently the home of Modell's and P.C. Richard (bounded by Pacific Street and Fourth, Flatbush, and Atlantic avenues), might be a more likely spot for that office building.

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NoLandGrab: OK, let's see if we can get this straight. Atlantic Yards involves millions upon millions in subsidies for a Russian oligarch, Chinese "investors" seeking green cards, and now, more subsidies for a Japanese electronics giant? Brooklyn really is a melting pot.

Posted by eric at January 14, 2011 10:49 AM