Thursday, December 31, 2009

Yormark moves the goalposts, asserts Brooklyn "sometime in calendar year 2012," claims construction has commenced

On 11/24/09, after the decision in the Atlantic Yards eminent domain case, Forest City Ratner and the Nets said "the intent that the Nets will play ball in the Barclays Center in the 2011-2012 NBA Season."

Yesterday, Nets CEO Brett Yormark offered some clarification, telling the YES network, "We will be getting into the Barclays Center sometime in calendar year 2012."

That means the 2012-13 season, I'd bet. Remember, a market study attached to the Barclays Center Arena Preliminary Official Statement (prepared by Goldman Sachs) states, "It is assumed that the arena will open in May of 2012. As such, the year ending June 30, 2012 only reflects two months of operations." And there's no revenue for 2011-12 ticket sales.

Construction begun?

Yormark also said, "we commenced construction," but that's rather ambiguous. The developer has continued longstanding demolition and utility work, but has not had an official groundbreaking. Nor has the Empire State Development Corporation (ESDC) successfully delivered properties sought via eminent domain.

The latest ESDC Construction Update concerns railyard work, environmental remediation, infrastructure, and demolition.

2 comments:

  1. If movement of the basketball coach's jaw qualifies as construction, then I would say that construction began a while ago, when Yormark began to make ignorant statements about AYP as his losses mounted on the court, and in the bank. Hope he's learning to say 'yes sir' in Russian.

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  2. Yormark is obviously talking about the one and only thing Ratner has been able to construct at the site over six years—an ugly blight of signage with a silly arena design replete with SHoP facadechitecture, vaportecture, national franchise logos and the UK banks's logo at the intersection of Flatbush and Atlantic.

    Yormark would do well to concentrate a little bit more on his New Jersey "Pop the corks we won our third game" Nets instead of mirages in Brooklyn.

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