Brooklyn delayed at least another 6 months..

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BabaBooey

BabaBooey

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Just go to Newark already! Huge hit for the Rat....


Atlantic Yards Grounbreaking on Pause for 6 Months
Eminent domain lawsuit allowed to go forward
by Matthew Schuerman
NEW YORK, NY September 29, 2008 —The Appellate Division of the State Supreme Court decided to allow buisness owners and residetns to sue the massive real estate project in central Brooklyn.

WNYC's Mathew Schuerman has more.



While the plaintiffs lost a similar case in federal court, the state proceedings will delay the project right as a recession is threatening.

The project's developer, Forest City Ratner, had announced that a groundbreaking on the Barclays Center basketball arena would take place by the end of this year.

But a ground can't be broken before the project secures financing, and the financing won't come before all litigation is resolved. In an official statement today, the developer, Forest City Ratner, says it is confident it will build the arena.

http://www.newsday.com/news/local/wire/newyork/ny-bc-ny--atlanticyards-law0930sep30,0,7677076.story
 
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A crap... another delay in moving to Brooklyn.

A development that would transform Brooklyn with an NBA Nets arena and apartment buildings could be delayed by an additional six months. A state appellate court on Monday declined to dismiss a lawsuit filed by opponents seeking to block the state from using eminent domain to seize property where the massive Atlantic Yards development is slated to be built. Developer Bruce C. Ratner said in a statement that the long-delayed development "will be built and it will create thousands of needed jobs and affordable homes."
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http://www.newsday.com/news/local/wire/newyork/ny-bc-ny--atlanticyards-law0930sep30,0,7677076.story

Wonder how the economy will effect his project.

-Petey
 
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Re: A crap... another delay in moving to Brooklyn.

N_e_w_a_r_k...............now!
N_e_w_a_r_k...............now!
N_e_w_a_r_k...............now!
N_e_w_a_r_k...............now!
N_e_w_a_r_k...............now!
N_e_w_a_r_k...............now! N_e_w_a_r_k...............now!
 
Re: A crap... another delay in moving to Brooklyn.

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BabaBooey said:
Just go to Newark already! Huge hit for the Rat....


Atlantic Yards Grounbreaking on Pause for 6 Months
Eminent domain lawsuit allowed to go forward
by Matthew Schuerman
NEW YORK, NY September 29, 2008 —The Appellate Division of the State Supreme Court decided to allow buisness owners and residetns to sue the massive real estate project in central Brooklyn.

WNYC's Mathew Schuerman has more.

While the plaintiffs lost a similar case in federal court, the state proceedings will delay the project right as a recession is threatening.

The project's developer, Forest City Ratner, had announced that a groundbreaking on the Barclays Center basketball arena would take place by the end of this year.

But a ground can't be broken before the project secures financing, and the financing won't come before all litigation is resolved. In an official statement today, the developer, Forest City Ratner, says it is confident it will build the arena.
Click to expand...

Welcome to S2 BabaBooey! Sure you'll love it here. Don't forget to invite your pals regardless of what team or sport they root for!

-Petey
 
More good news for Newark!

http://www.nj.com/nets/index.ssf/2008/09/wall_street_crisis_puts_nets_f.html

Wall Street crisis puts Nets' future Brooklyn home in jeopardy
by Ian T. Shearn and George E. Jordan/The Star-Ledger
Tuesday September 30, 2008, 7:10 PM
Four months ago, Goldman Sachs assured all financing would be in place for a $950 million professional basketball arena in Brooklyn by today.

Bruce Ratner, owner of the New Jersey Nets and developer of the ambitious, $4 billion Atlantic Yards project, said he was "inches away from completing the deal."

That was before prestigious investment firms started to fall and credit markets went into full-scale panic, triggering a financial crisis on Wall Street unseen since the Great Depression.

Tuesday, a spokesman for Goldman Sachs offered only a "no comment" when asked about the financing for the nearly $950 million arena, fueling persistent doubts about the viability of Ratner's plan, which has been systematically downscaled and delayed since it was first rolled out more than four years ago.

The latest setback came Monday, when Ratner said that ongoing legal disputes had again pushed back ground breaking for the arena, Originally slated to open in 2006, and most recently in 2010, it will now not be ready before 2011.

For his part, Ratner remains resolute.

"Atlantic Yards will be built and it will create thousands of needed jobs and affordable homes," Ratner said in a prepared statement. "This is all the more important as our city and country confront one of the most difficult economic downturns in history."

Atlantic Yards -- 16 skyscrapers, an 18,000-seat basketball arena for the Nets, and thousands of apartments at a site at the corner of Flatbush and Atlantic avenues -- has been delayed by a string of legal challenges and questions about financing.

That leaves the Nets playing at the aging Izod Center in the Meadowlands for at least the next three years, which will perpetuate competition with the Prudential Center hockey arena in Newark.

The latest delay may complicate the $400 million naming-rights deal with Barclays Bank, which is expected to help offset the cost of the arena, according to published reports. The deal with Barclays was contingent on Ratner's financing for the project to be in place by the end of November.

Neither Barclays nor the Nets responded to email requests for interviews.

A New York appellate court last week refused to dismiss a lawsuit by nine property owners in the footprint of the project challenging the use of eminent domain. The court rejected a motion to throw out the case by the Empire State Development Corp., whose spokesman, Warner Johnston, declined comment.

Opponents in Brooklyn object to both its size and the use of eminent domain by the state to make way for the project.

Candace Carponter, legal director of Develop Don't Destroy Brooklyn, said the Wall Street crisis, pending court case and questions about tax-exempt bonds mean the project may never be built.

"The plan is now in doubt," she said in a statement.

Lawrence Swift, a partner at Troutman Sanders, a Manhattan law firm that specializes in sports facility financing and other large transactions, said the use of tax-exempt bonds could make or break Atlantic Yards arena.

The meltdown on Wall Street, he said, has prompted major banks to high fees that dramatically raise the cost of conventional loans. However, tax-exempt bonds backed by the city and state would be attractive to wealthy investors looking to exit the volatile stock market.

"It could go ahead, the financing could be there," Swift said. "You also have people buying into it for PR reasons to support the city or concept."

Ratner is also awaiting a critical Internal Revenue Service ruling on whether the arena in Atlantic Yards is eligible for $800 million in tax-exempt bonds to finance construction of the arena, according to Atlantic Yards officials.
 
I've said this before. There's just as good a chance they will move to Seattle or Kansas City or wherever as Newark, if not more chance.

Ratner will sell the second the deal dies and he doesn't care where the team winds up at all. The Nets are just a means to an end for him.

The NBA does not want the team in NJ and will encourage him to sell to interests elsewhere.
 
ghoti said:
I've said this before. There's just as good a chance they will move to Seattle or Kansas City or wherever as Newark, if not more chance.

Ratner will sell the second the deal dies and he doesn't care where the team winds up at all. The Nets are just a means to an end for him.

The NBA does not want the team in NJ and will encourage him to sell to interests elsewhere.
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I agree, but I don't think Stern would be too excited about Seattle considering the bad blood between the NBA and the city right now.
 
I disagree - there is a beautiful arena in Newark that is state of he art and easy to get to - the NEts would draw huge is they were in Newark. Also Newark is willing to give the Rat some sweetheart land deals to entice him to come that othr venues will not - I predict the Nets will be in Newark by 2010. Pru Center will not survive with just the Devils - its a perfect match.
 
Claud said:
If not Brooklyn, then Newark please.
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It's a reach. It's brooklyn or bust with these guys, but if they stay in Jersey, it would be moronical to stay at the IZOD Center
 
I dont know about Newark. I havent been there but it is one of the places I am avoiding in the tri-state area.

Yeah the arena might be cool, but it is what around the arena I have issues with.
 
that's actually a very nice part of Newark. Newark gets a bad rep, like most cities, there's good places and bad. the bad just happens to be REALLY bad.
 
I don't understand all those pulling for Newark. Really, don't. If Brooklyn project is wasted, so are our dream of seeing Lebron in Nets uniform.
 
I care about the team, not just some idea of getting a player we want.
 
Claud said:
I care about the team, not just some idea of getting a player we want.
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So do I! And I want Nets to play in Brooklyn in new arena that is always packed. Tired of jokes a-la Hollinger "...keep some hope alive for the 11 remaining fans at Izod Center". I doubt Nets would have full arena in Newark, whereas you can't go wrong with downtown Brooklyn.
 
networks said:
I dont know about Newark. I havent been there but it is one of the places I am avoiding in the tri-state area.

Yeah the arena might be cool, but it is what around the arena I have issues with.
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do yourself a favor and check it out - it is like a police state with security - way safer than Yankee stadium. Short walk to the train - lots of parking. Good restaurants and bars in walking distance.

The only reason why they are not there right now even if they are still moving to Brooklyn is that Ratner does not want any shred of this talk going on - his project is hangin by a thread. Nov will be huge - if the financing is not in place Barclays can pull - Barclays pulls then the project falls apart.

LeBron has man love for Jay Z not Brooklyn - I am sure he could be sold on a state of the art arena 5 miles from NYC!
 
Good - the government should not be kicking people out of their homes at below market value and using tax payer money to fund a sports arena.
 
BabaBooey said:
I disagree - there is a beautiful arena in Newark that is state of he art and easy to get to - the NEts would draw huge is they were in Newark. Also Newark is willing to give the Rat some sweetheart land deals to entice him to come that othr venues will not - I predict the Nets will be in Newark by 2010. Pru Center will not survive with just the Devils - its a perfect match.
Click to expand...

Ratner will not own the team, so he won't be getting any deals.

No one wants the Nets to move to Newark more than I do, believe me.

David Stern doesn't want the Nets in NJ. The owners don't want the Nets in NJ. If there's any serious buyers from a viable city, the Nets are gone.
 
ghoti said:
Ratner will not own the team, so he won't be getting any deals.

No one wants the Nets to move to Newark more than I do, believe me.

David Stern doesn't want the Nets in NJ. The owners don't want the Nets in NJ. If there's any serious buyers from a viable city, the Nets are gone.
Click to expand...

I dont think the NBA has no say whatsoever in what an owner does with his franchise. Ratner is all about using the team for a sweetheart real estate deal - no other city is going to not only pay him top dollar but give him a hundred million dollar sweetheart real estate deal. I think they'll be in Newark - close, easy and makes sense - Rat won't make billions like he would in Brooklyn but he would make millions. A lot more than if he sold to another city.
 
BabaBooey said:
I dont think the NBA has no say whatsoever in what an owner does with his franchise. Ratner is all about using the team for a sweetheart real estate deal - no other city is going to not only pay him top dollar but give him a hundred million dollar sweetheart real estate deal. I think they'll be in Newark - close, easy and makes sense - Rat won't make billions like he would in Brooklyn but he would make millions. A lot more than if he sold to another city.
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Do you have a link to an article that says Ratner wants to develop in Newark? I have never heard a word about that. That would be great!

The owners have to approve any sale. They are Stern's sheep.
 
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