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December 27, 2009
AYR: Kink In Arena Deal; Deceptive Times Letter; Cheap Nets Tickets
Atlantic Yards Report
Project Finance on escrow situation: "one important kink in the deal's structure"
Proceeds from the bond sale for the proposed Nets arena are being held in escrow for up to one year in case developer Bruce Ratner is unable to secure title for the land needed for the proposed Nets arena.
I again checked to see if any mainstream press outlets had even mentioned the murky Brooklyn Arena Local Development Corporation (BALDC)--answer: no--but was reminded that two finance publication pointed out that the arena bond deal would not be done after the sale was completed.
In other words, though the project may be closer than ever, it's not over, given the escrow provisions.
If you search the term "Bruce Ratner"--not "Bruce C. Ratner" on the New York Times web site, the "closest match"--not the newest--is a letter, and some footnotes are in order.
The letter, published in the 6/11/06 edition of the Times, responded to architecture critic Nicolai Ouroussoff's piece about the complex and difficult relationship between architect Frank Gehry and his clients, notably developer Bruce Ratner:
After reading this article, I am left feeling that Bruce Ratner, taking a huge gamble, is proceeding in a smart, businesslike way. The risks are enormous and Mr. Ouroussoff pays no heed at all. Perhaps he ought to start a fund to develop any mad, beautiful, outrageous or significant work of architecture of his own and put his money where his mouth is.
Michael Salzberg Bethesda, Md.
...
Why did someone from suburban Washington, DC take such a keen, supportive interest in the Atlantic Yards project?
Why did he claim that the project is a "huge gamble" when, unlike many others in the city, it proceeded as a single-source deal rather than via a request for proposals?
Is Salzberg just a typical enthusiast for development?
No.
Salzberg is the spouse of Deborah Ratner Salzberg, who is president of Forest City Washington, Inc., a member of the board of directors of Forest City Enterprises, Inc. (parent company of Forest City Washington and Forest City Ratner), and a cousin of Bruce Ratner
...
So Salzberg wasn't exactly a disinterested party. Was the Times expected to catch this? Yes, as Letters Editor Thomas Feyer wrote in a 5/23/04 essay headlined Our Compact, Updated:
If your letter is selected, we will try to reach you and ask a few questions: Did you write the letter? (We're not amused by impostors.) Is it exclusive to The Times? (It should be.) Do you have a connection to the subject you're writing about? (Readers should be able to judge your credibility and motivation.)
Daily News finds a silver lining in the availability of cheap Nets tickets
In an article today headlined Cheap premium tickets available to see New Jersey Nets, NBA's worst team, the New York Daily News reports:
New Jersey Nets fans finally have something to be happy about.
Premium tickets to see the woeful NBA team play are selling for less than the cost of a stadium beer - as little as $7 - on sites like eBay and StubHub.com.
Well, it depends on which fans we're talking about. If fans with season ticket packages are unloading tickets because they don't want to see the team any more--or if they can't attract friends/guests--then those fans aren't happy; they're losing money.
And perhaps the market is simply speaking; a ticket has become cheaper than a movie because the quality of entertainment is (often) lower. And, of course, the cost of a visit, including parking/transportation and refreshments, is much higher than the ticket.
Posted by steve at December 27, 2009 8:35 AM