"We are excited to be holding the NBA Draft in Brooklyn, a borough long associated with great basketball talent,” said NBA Commissioner David Stern in a press release. “In addition to being a state-of-the-art arena, Barclays Center has quickly become a go-to destination for world class events. We are confident Barclays Center is an ideal venue for introducing the next generation of NBA stars to a global audience.”
“Brooklyn has become a major NBA market and basketball fans throughout the borough will be excited to welcome the next class of outstanding talent into the league,” Barclays Center and Brooklyn Nets CEO Brett Yormark said. “Many of the borough’s greatest all-time players have been drafted into the NBA, making this night a perfect fit for Brooklyn. We are honored to host the 2013 NBA Draft as we continue to bring many of the most high-profile sports and entertainment events to Barclays Center.”
The Nets also saw the draft held in their home the two previous seasons, when they played at the Prudential Center in Newark. Madison Square Garden is heading for a third and final summer of “transformation” – so don’t be shocked if the 2014 draft ends up there.
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…