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April 22, 2008

Newark option gets more realistic, even as Nets seek Euro companies for Gehry arena

Atlantic Yards Report

Forest City Ratner has no intention of moving the Nets to Newark, not even as an interim solution while the Barclays Center is being built. However, suggests the Newark Star-Ledger's editorial board in a blog commentary headlined Newark hoop dreams, the New Jersey Sports and Exposition Authority may be willing to make a move--though not an interim one--easier.

The Authority owns the Izod Center at the Meadowlands and, if the Nets were to leave for a venue other than Brooklyn (or Queens), the penalty this year would be $12 million (though it would decline in subsequent years).

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Newark Star-Ledger, Newark hoop dreams

For those looking at Brooklyn from New Jersey, the wish that something -- anything -- might happen to keep the Nets in New Jersey has been a hope that would not die.

Some things have happened. The real estate and credit markets have changed since the $4 billion Brooklyn Atlantic Yards development, with thousands of condos, other homes and an 18,000-seat arena, was proposed. Financing is no longer easy. The payoff is no longer certain. The Nets are losing $40 million a year.

Posted by lumi at April 22, 2008 5:23 AM