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December 19, 2008
Good timing, bad timing on AY naming rights deal, arena subcontractors, and construction materials
Atlantic Yards Report
Apparently, there's an upside to the current market turmoil:
The Barclays Center naming rights deal for the Atlantic Yards arena, announced in January 2007, was clearly good timing for the Nets, with a record deal reported at $400 million over 20 years.
When Barclays announced its recommitment last month, neither the bank nor Forest City Ratner made clear that deal had been maintained at the same dollar value. I had suggested that Barclays had had some leverage to renegotiate.
...
The announced cost projected for the planned Atlantic Yards arena went up 50% since project approval in December 2006. Then again, in the last few months, the number likely has declined from the $950 million figure disclosed in March.
Posted by lumi at December 19, 2008 5:12 AM