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March 6, 2010
AY Report: FCR Throws Sid's Under the Bus, Nets Announce Move To Newark
Atlantic Yards Report
Last week I wrote about how Sid's Hardware was leaving Metrotech after testifying before the Metropolitan Transportation Authority on behalf of Forest City Ratner's renegotiated deal for the Vanderbilt Yard.
Now we learn that Sid's has filed for bankruptcy after FCR (according to Sid's) reneged on an agreement for the retailer to get out of its lease.
It's All New: Nets tout Newark for two years (but maybe three)
With a happy talk press conference and a new web site, Nets brass, along with reps from the city of Newark, the National Basketball Association (NBA), and the New Jersey Devils yesterday launched an effort to publicize the team's interim home at the Prudential Center and the team's potential for progress via a new owner, a high pick in the NBA draft, and cap space to attract free agents.
One unresolved issue: how long they might actually stay in Newark. Nets Sports & Entertainment CEO Brett Yormark was on-message, stating it would be two years, while an NBA official and Newark Mayor Cory Booker were a little more equivocal, allowing the possibility of three years.
Given that Yormark's previous predictions have been a tad unreliable and the Newark lease has a reported two-year extension, it's best not to be too certain.
Posted by steve at March 6, 2010 9:33 AM