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May 16, 2008

No Nets Arena Yet, but Suites Are on Sale

NYTimes.com
by Richard Sandomir

Construction of the Nets’ proposed arena near downtown Brooklyn is long delayed and financing has not been completed. But the effort to sell the Barclays Center’s luxury suites began Thursday with the opening of a showroom in Manhattan.

The 130 suites arranged on three levels are renting for an average of $300,000 (for 5-, 7- and 10-year rentals). But the 12 elite ones are going for $540,000; they are actually under the stands (making them luxurious party bunkers), with no views of the court, but they come with eight seats at plum locations near courtside. The first of 12 was taken Thursday night by Jay-Z, the hip-hop impresario and a Nets investor.

For those seeking a suite, it will be a relief to hear that only 5 percent is due on the first year’s lease at signing, with the rest due in three installments ending in July 2010.

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NoLandGrab: It's no biggie for Mr. Z, as The Times might refer to him, to plunk down north of half a million bucks for a Nets' suite, what with his new $150 million deal with Live Nation. But that same $540,000 would house more than 60 families for a year in Atlantic Yards' affordable housing units — if they ever get built.

Posted by eric at May 16, 2008 7:36 AM