Tuesday, October 06, 2009

If the sale of the Nets culminated "a turgid, four-month process," how to describe the rest of the Atlantic Yards process?

Would you believe that, when the Atlantic Yards project was announced in December 2003, the Brooklyn arena was supposed to open in 2006?

And the 1/21/04 New York Times, in an article headlined Brooklyn Developer Reaches Deal to Buy New Jersey Nets, thought the sales process was slow?

The Times reported:
The sale to Mr. Ratner culminates a turgid, four-month process. First there were three bidders, Mr. Ratner, who started at $275 million, and the Kushner group, which opened at $250 million and vowed to keep the team in New Jersey, and Charles B. Wang, the co-owner of the Islanders, who bid $265 million. They were later joined by Stuart Feldman, a venture capitalist who never discussed his $257.5 million offer or his intentions publicly. Mr. Wang dropped out in frustration with the process and Mr. Feldman was never a serious competitor.
(Emphasis added)

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