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March 21, 2008

Economic crash could doom Atlantic Yards

The growing Wall Street meltdown may have just claimed another victim: New Jersey Nets owner Bruce Ratner tells the New York Times' Charles Bagli today that construction of the office tower and apartment buildings in his proposed Atlantic Yards project in Brooklyn could be put off for years thanks to a fizzling market for office space and tightening credit. A basketball arena for the Nets, Ratner insists, is still slated to begin construction by the end of the year - albeit now with a staggering $950 million price tag.

As Bagli notes, though, New York's history is littered with ambitious construction projects that never got off the ground thanks to economic slumps:

The Riverwalk project, a plan to build five residential towers on a 30-acre platform over the East River, surfaced in 1980 but collapsed a decade later after the economy slowed. A developer for the redevelopment of Times Square was selected in 1984, but work did not begin for 12 years - with a different developer - largely because of a recession, as well as 47 lawsuits.

There's also the fact that the Nets arena is the one piece of the project that would require the taking of private land by eminent domain (thanks to being too wide to fit on a single block), and that newly elevated governor David Paterson called for a statewide moratorium on eminent domain as a state senator in 2005. It's too soon to call Atlantic Yards dead or even dying, but the odds on the Newark Nets just got significantly better.


The nets aren't going to newark so forget that. If this happens the nets will be on long island with the islanders.Wang wants a nba team.

Posted by dan on March 21, 2008 10:23 AM

The nets would have to pay a huge penalty to move to newark which they wont want to. Ratner would sell the team to wang.David stern even said on a radio that new jersey doesn't support the nets like they should. Wang and stern are very good friends.The destination would be long island .Which would make me a very happy guy because it would only be 7 miles away from me.

Posted by dan on March 21, 2008 10:42 AM

They have a brand new arean in Newark with no NBA team in it. Put the Nets there.

Posted by bomp on March 21, 2008 12:14 PM

Forget about The Rock - why not move the Nets to Kansas City?

I'm actually surprised Kansas City hasn't made more of a play for the Sonics, seeing as they aren't that far from Oklahoma City, at least geographically.

Posted by Jonathan on March 21, 2008 01:52 PM

The nets arent going to newark period. They would have to pay a big penalty to move to newark and stern doesnt want them in jersey anymore. So stop with these stupid newark rumors.

Posted by dan on March 21, 2008 02:17 PM

the Nets would flourish in Newark. and the penalty isn't so big considering the losses in the meadowlands.

Posted by bologna on March 21, 2008 06:11 PM

The nets wouldnt flourish in newark. The devils dont draw well in newark. Lets be honest new jersey is not a sports town. Its time for the nets to go back to their true home and thats long island. New jersey had there run with new jersey and failed supporting the team. And the penalty to move to newark would be very hard thats why they arent going to newark

Posted by dan on March 21, 2008 06:20 PM

New Jersey had there run with the nets. It is over.David law and order stern wants them out and they will be leaving and heading to the nassau coliseum if this brooklyn things goes down.

Posted by dan on March 21, 2008 06:26 PM

The Nets are not going to that dump in Long Island.

Posted by Steve on March 21, 2008 07:56 PM

The Nets are not going to that dump in Long Island.

Posted by Steve on March 21, 2008 07:57 PM

So I did some Googling on this penalty that the Nets' lease requires them to pay if they relocate to Newark - it looks like it's at most $12 million. That's chump change when you're talking about something on the scale of where to locate your team.

I'm not advocating either Newark or Long Island over the other, but I can't imagine the lease penalty is going to play a large role in this decision, if it comes to that.

Posted by Neil on March 21, 2008 08:11 PM

And like new jersey isnt a dump what do you consider new jersey paradise. Every time I go into that dump of a state Iget sick . Thats why new jersey is called the garbage state. As for you neil I go over the same things over and over. Stern doesnt want the nets in jersey anymore. Even more than ever since the knicks couldnt beat a pee wee league he needs a good product in new york. If new jersey wants a team Iwould be glad to give them the knicks. What a dump of a franchise they are.

Posted by dan on March 21, 2008 09:01 PM

Long Island can barely support a NHL team with 4 stanley cups in their history (Potvin Sucks!)..... Long Island is not an option unless the Lighthouse project gets built. (any status on that?)

Let's Go Rangers!

Posted by Mark from NYC on March 22, 2008 09:30 PM

If the islanders were a winning team the fans would come. You ranger fans are such morons. I really enjoyed when the ranger fan was getting the tar beaten out of him in 93 at the coliseum by a islander fan. The Lighthouse will be built just be quiet ok.

Posted by dan on March 23, 2008 12:41 AM

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