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July 12, 2010

In 20 months, Nets suite sales nudge from "about 30 percent" to less than 34 percent; top price has declined more than 21 percent

Atlantic Yards Report

How suite it isn't.

Either Nets Sports & Entertainment CEO Brett Yormark was spinning very, very hard back in 2008 or Nets suite sales have really slowed down--or both.

Since May 2008, 26 months ago, they've only sold nine suites, by my count, given that 26 were sold to insiders and the total sold is now 35.

(It's also possible that some who initially committed have backed out.)

Opening promises

On 5/5/08, Crain's New York Business reported:

Already, 20% of the 130 luxury boxes have been sold to “friends and family,” says Nets Sports Entertainment CEO Brett Yormark.

That's 26 suites.

In an 11/17/08 interview with the never-skeptical Alexis Glick of Fox Business News, Yormark stated, "We’ll be in Brooklyn for the 11-12 NBA season. We’ll probably be in Brooklyn actively in the summer of 2011. So give us a little time to gain some traction. We’ve presold our suites to the tune of about 30 percent."

That would mean 39 suites, if the total at that time was still 130. Or that would mean 30 suites, if the number had dipped to 100 (as was announced ten months later, in September 2009).

The percentage drops

But Yormark is what we might call an unreliable narrator.

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Posted by eric at July 12, 2010 10:05 AM