The next level--brutally weird--involves the effort to raise $249 million from Chinese investors seeking green cards.
My "Anatomy of a Shady Deal" series has gotten nods from New York Magazine's Daily Intel, the New York Daily News's Sports I-Team blog, Prospect Heights Patch, and the New York Times's City Room blog, and I also summarized it in the Huffington Post.
Part 1 concerned the seven-year extension available on Phase 1 of the project should Forest City Ratner not repay the EB-5 loan. Part 2 estimated the developer could save at least $191 million. Part 3 examined the sales effort in China, with the arena front and center, even though it's already funded.
Part 4 reported on claims made in China, on video and in person, by public officials supporting the project. Part 5 concerned the value of the development rights, contrasted with those in last year's deal for the Vanderbilt Yard. Part 6 described reasons to think the development rights are overvalued. Part 7 explained why China is such a popular target for those seeking EB-5 investors. Part 8 provided another reason why the Nets played exhibition games in China in October.
The series will continue this week.