PDA

View Full Version : Rapper Jay-Z in part of investment group to Buy Nets......plans of new Brooklyn Arena unveiled......


NYCdog
12-11-2003, 10:54 AM
Brooklyn Courts the Nets
By Glenn Thrush
Staff Writer

December 10, 2003, 7:28 PM EST


If only Nets home games were as well-attended, star-studded or boisterous as Brooklyn's bid to woo the team from the swamps of New Jersey to the corner of Flatbush and Atlantic avenues.

At an event that was part planning session and part pep rally, developers Wednesday unveiled a $2.5-billion proposal to build an arena and housing complex above the Atlantic Avenue rail hub in Fort Greene. Superstar architect Frank Gehry joined Brooklyn-bred rapper Jay-Z, who is part of the project's investment group, ex-Knick and Net Bernard King and Mayor Michael Bloomberg to sell the Nets on relocating to Brooklyn.

The parcel was unsuccessfully pitched for a new Ebbets Field in the late '50s, and Wednesday's plan could meet the same fate if developer Bruce Ratner fails to outbid other suitors for the NBA team.

"We are going to get the Nets to Brooklyn if it's the last thing I do," promised Ratner, who said the team will decide its ownership in the next 60 days.

"I'm in love with the whole thing," said Jay-Z, who wouldn't disclose how much he'll invest. "Let's get the Nets."

So far, Ratner has outbid a New Jersey-based partnership that includes developer Charles Kushner and Sen. Jon Corzine (D-N.J.).

Ratner, who developed the Metrotech complex in Downtown Brooklyn, vowed that ticket prices would be kept low enough to attract low- and middle-income hoops fans.

Gehry's preliminary plans for a 19,000-seat arena would not require public financing, city officials said. Instead, the project would be funded by Ratner, his investors and tax revenue from 4,500 residential units and more than 2 million square feet of commercial and retail space.

The project would generate several hundred jobs, said Brooklyn Borough President Marty Markowitz.

Gehry, who designed the Guggenheim Museum in Bilbao, Spain, and Los Angeles' Disney Hall, would cloak the arena in sail-like outer walls and vast, glass-sheathed common areas visible from the street.

"It's not going to be a walled-in arena, it's going to be very open, very accessible," Gehry said.

The arena has drawn community opposition because it will require the city to raze part of the adjacent Park Slope neighborhood, displacing businesses and at least 100 residents.

"It is going to destroy our neighborhood," said community activist Patti Hagan, one of a dozen demonstrators outside Borough Hall Wednesday. "These kinds of stadiums, they are boondoggles, they do not help the economy."

http://www.nynewsday.com/media/photo/2003-12/10566442.jpg

http://sportsbusinessdaily.com/images/articles/TDI20031210CB-10.jpg

http://www.nynewsday.com/media/photo/2003-12/10566430.jpg

stroy link........ (http://www.nynewsday.com/news/local/brooklyn/nyc-nets1211,0,4906120.story?coll=nyc-topheadlines-right)

And for those wo think this is a pipe dream...........

Actually, this might happen...........

For one, the project's cost will be paid by the private sector.

And with the star-studed lineup of investors they have, the have the deep pockets to pull this off........

Remember, one Bob McNair and his ownership group spent almost $1.2 Billion dollars ($700 million for team/ $500 million for stadium) mostly by himself to get an NFL team back in Houston, a team that only plays 10 dates a year in its facility.

In the Brooklyn Nets deal, despite the 2.5 billion dollar price tag fro arena and costly developement, they have a star-studded lineup of deep pocket investors to pull this off, which Bob McNair did not have. And the team will play 42 home dates plus playoffs. And dont forget concerts and ice shows and WWE events..... all to go along with revenue made form retail and developement as part of the plan.

So in short...........its no pipe dream, it definitly can..........and now probably WILL happen.

MavKikiNYC
12-11-2003, 11:01 AM
Any idea of whether they'll revert to being the NYNets, or if they'll go with Brooklyn Nets?

NYCdog
12-11-2003, 12:41 PM
Good question Kiki..........I have no idea.........

But My money is on the Brooklyn Nets because Brooklyn Borough Prez Markowitz is gonna push really hard for the Brooklyn name to put the borough back on the professional sports map as he has done in the past successfully and got the Mets to move their Single A Affiliate to Brooklyn to become the Cyclones. No doubt with an opportunity presented to him like this one, he will try and capitalize on it to make good on his reputation as the one who brough professional sports back to Brooklyn.

If you ask me...........will anyone in Brooklyn care about the Nets as much as they did for "Dem' Bums" (Bklyn. Dodgers for those who dont know)

Nah!!!!!!.........not with the current Nets Tix prices

They may care about the Cyclones now...........but only beacuse it's much more affordable and fun compared to the loser overpriced Mets.

Rod1975
12-11-2003, 08:43 PM
If the Knicks did'nt suck, I wonder if all this would be as big of a deal.....

Here's a thought, maybe the Islanders can get in on the deal....Brooklyn is on Long Island after all....

MavKikiNYC
12-11-2003, 10:04 PM
It's a big deal, because they'll be competing for fans.

It's a big market, but they would/(will) be in very close proximity.

But that franchise has had very little success in terms of developing and maintaining a consistent fan base in New Jersey, and it really would/(will) be a good move for them to make.

And if it puts the heat on the NYKs to actually get better, then all the better.

MavKikiNYC
12-12-2003, 07:03 AM
Developer Wants His Project, and Buying Nets Hinges on It
By RICHARD SANDOMIR

Published: December 12, 2003


Bruce C. Ratner is not a superfan, but he wants the Nets, covets them so much that his company will not build a $2.5 billion downtown Brooklyn project, which features a glass-sheathed arena topped by a track and an ice skating rink, without them. Talk about incentive: no Nets, no minicity.

"We're going to get the Nets in Brooklyn," Ratner vowed on Wednesday under the elegant domed ceiling of Borough Hall's old courtroom. To stress how much he needs the Nets, he banged his right fist on a lectern and said he would triumph over two rival suitors "if it's the last thing I do."

Nets owners, one day removed from agreeing to break up YankeeNets, must be reassured to hear their team regarded as an object of great desire, as real estate play. Who could have imagined that a team with the Nets' vagabond history (with stops in Teaneck, Commack, Uniondale, Piscataway and East Rutherford) and mixed record would merit being the centerpiece of a 7.7 million-square-foot community?

If we sell to Ratner, one can hear Nets owners say, we may pocket $300 million and our boys will play in an arena designed by Frank Gehry, not some standard sports architect, but a man who lived in Brooklyn briefly as a child and who designed the much-admired Guggenheim Museum in Bilbao, Spain, and the Walt Disney Concert Hall in Los Angeles.

Soon after the Ratner Revue wound down in Brooklyn, Gov. James E. McGreevey of New Jersey added fuel to the interstate bidding during a news conference at Continental Arena.

"I have great respect for Mr. Ratner, but he does not control the site for the arena nor the team," he said. "The Meadowlands represents arguably the premier site in the country. It's here. It exists. It's not a vision yet to be realized."

McGreevey announced that the Port Authority of New York and New Jersey would build a 1.9-mile rail link from the Meadowlands to New Jersey Transit's Pascack Valley Line, which would connect to the Secaucus Transfer Station.

This sounds like dull infrastructure talk compared with GehryVision, but it is significant. The rail link would broaden access by public transportation to a renovated Continental Arena where the Nets would most likely play if Charles Kushner and Senator Jon S. Corzine of New Jersey buy the team and to the proposed $1.3 billion Xanadu entertainment, retail and commercial venture.

A transportation strategy that doesn't congest highways would alter the Meadowlands, attract fans who have had no choice but to drive and perhaps lure New Yorkers who want to flee the odor of failure at Madison Square Garden.

But the Brooklyn site is much more abundantly served by rail: it is a hub for nine subway lines and the Long Island Rail Road.

The Meadowlands Makeover will happen with or without the Nets. Xanadu will be built. So will the rail spur. If they buy the Nets, Kushner and Corzine would have to pay for the renovation with revenue from new luxury suites and club seats.

And Continental Arena, with wider concourses, greater fan comforts and more revenue sources, would still look like the pedestrian structure it has always been.

The future domicile of the Nets may mean little to the owners, who have turned to Edwin H. Stier, a former federal prosecutor, to be their president and lead negotiations. As in most sales, the most important factors in choosing a buyer are the highest price and the ability to complete a deal.

Ratner is the leading bidder, at $275 million; Kushner and Corzine are next, at $267.5 million; and last is Stuart Feldman, at $257.5 million. Feldman's motives are not known, although he has a charitable motivation to buy the team, similar to that of the Nets' principal owners, Raymond Chambers and Lewis Katz.

The competition harks back to the 1980's tug of war over the Yankees (stay in the Bronx? go to the Meadowlands?) and to the departure of the Dodgers from Brooklyn to Los Angeles after the 1957 season. One difference is that on Wednesday, beside Ratner, bringing enthusiasm but carrying no bags of subsidies, stood Mayor Michael R. Bloomberg.

Nearly half a century ago, the eternally reviled Walter O'Malley could not persuade Robert Moses, the city official crucial to building a ballpark for his Dodgers in the same area as the Nets' arena would be, to stand anywhere near him.

MavKikiNYC
12-12-2003, 07:09 AM
"I have great respect for Mr. Ratner, but he does not control the site for the arena nor the team," he said. "The Meadowlands represents arguably the premier site in the country. It's here. It exists. It's not a vision yet to be realized."

McGreevey announced that the Port Authority of New York and New Jersey would build a 1.9-mile rail link from the Meadowlands to New Jersey Transit's Pascack Valley Line, which would connect to the Secaucus Transfer Station.

This sounds like dull infrastructure talk compared with GehryVision, but it is significant. The rail link would broaden access by public transportation to a renovated Continental Arena where the Nets would most likely play if Charles Kushner and Senator Jon S. Corzine of New Jersey buy the team and to the proposed $1.3 billion Xanadu entertainment, retail and commercial venture.

A transportation strategy that doesn't congest highways would alter the Meadowlands, attract fans who have had no choice but to drive and perhaps lure New Yorkers who want to flee the odor of failure at Madison Square Garden.

But the Brooklyn site is much more abundantly served by rail: it is a hub for nine subway lines and the Long Island Rail Road.

Premier site in the country? Meadowlands? HA! Right.

And is this rail extension a 3-, 5-, or 10- year project? Or longer?