The New Jersey Nets had strutted around so full of themselves: big talk, blustery billboards and puffed-up promises. Even so, no one bought into the myth of Mikhail Prokhorov the way they did within that forlorn franchise. The Nets treat the Russian owner like some deity, like a Euro Mark Cuban, when he’s little more than an absentee landlord cutting big checks and delivering delusional proclamations of championship parades inside of five seasons.
If the Nets truly need to sell Carmelo Anthony on accepting the trade and signing a contract extension, they’re a bigger lost cause than they’ve ever been. The Nets can’t let Prokhorov and Jay-Z get on a jet and go sell that now because this process has already cost them too much credibility – and because billionaires aren’t supposed to beg. Make no mistake: The manufactured aura of this ownership dream team will be obliterated with a ’Melo rejection.
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…