Skip to main content

In push for title, Nets trade for aging stars Garnett, Pierce; ticket prices said to be rising

Via Twitter
Some two weeks after hiring surprising new coach Jason Kidd, the former New Jersey Nets star and retiring New York Knick, the Brooklyn Nets yesterday announced a blockbuster trade.

Assuming the trade goes through, the Nets will gain aging Boston Celtics stars Kevin Garnett and Paul Pierce (37 and 36 respectively next season) plus aging sixth man Jason Terry, in exchange for three first-round draft picks and five players, including forgotten starter and "Core Four" member Gerald Wallace (remember those ads, "Offseason Fisherman"?), one-dimensional rebounding ace Reggie Evans, tabloid fave Kris Humphries, and two other lesser lights.

The consensus: the Nets are short-term contenders, adding the toughness they lacked when losing to the Chicago Bulls in the first round of the playoffs, and bringing them closer to majority owner Mikhail Prokhorov's pledge of a championship by 2015. And the Nets may emerge as the city's top team.

If Prokhorov will have to pay an enormous luxury tax--ultimately perhaps $84 million, according to the Times--well, he's rich, and the value of his Nets investment has already skyrocketed, as noted by Nets Daily.

Reaping new revenue

As Stefan Bondy reported in the Daily News, the new team configuration may soon be reflected in season ticket prices:
Via Twitter
A Barclays Center ticket rep seized the chance Thursday afternoon, warning prospective season-ticket holders that prices will hike in a foreshadowing email.
“If that happens, there is a very good chance prices go up as soon as tomorrow morning,” read an email obtained by The News. “I would strongly recommend securing before night’s end.”
Another email from a Barclays Center ticket manager read, “If indeed a high profile trade is consummated, all Full Season Prices will increase.”
ESPN columnist Ian O'Connor wrote:
But Prokhorov and his basketball man, [GM Billy] King, chased all of the above with a relentlessness required of a team trying to make a dent in the world's noisiest marketplace. And of course that was a part of this, too, the Nets' realization that the novelty of Brooklyn and their new digs, the Barclays Center, wasn't going to carry the day in Year 2. They needed to improve the product, and improve it they did.
Topping the Knicks

O'Connor added:
No, it isn't a great shot [to beat the Miami Heat], not with LeBron James at the height of his otherworldly powers, and not with Pat Riley promising to keep his band together for another tour or two. But it is a shot. The new Nets are right there with the improving Indiana Pacers (adding Danny Granger) and the improving Chicago Bulls (adding Derrick Rose), and that's a claim that can't be made by the neighboring New York Knicks.
The Post's Steve Serby wrote:
Unless [Amare] Stoudemire’s body can defy the odds and hold up, unless J.R Smith stays within striking distance of the 40-40 Club and proves Rihanna wrong, unless Tim Hardaway Jr. is at least half the player his old man used to be, you absolutely can make the case the Nets are now a better team on paper than the Knicks.
Still, as Will Leitch wrote in Sports On Earth, the Knicks fan base still rules:
• If you were at Barclays Center for any of the Knicks-Nets games this season you already knew this, but Knicks fans rather obviously outnumbered Nets fans. They were a ton louder too. And the cheer when Tim Hardaway Jr. was selected was the biggest non-Stern-related noise of the night.
Some cautions

Kelly Dwyer in Ball Don't Lie was perplexed, suggesting the Celtics still had too much payroll to rebuild. As for the Nets, he was skeptical:
They’re way over the luxury tax line, which means the team isn’t allowed by the NBA to compete with other franchises for players looking to play for salary cap exceptions, and they can’t engineer sign-and-trade deals to add depth while dealing out one of their massively compensated players. Pierce’s contract may run out after next season, but Garnett stipulated that he’d only waive his no-trade clause if the Nets guaranteed to pick up the team option on his contract for 2014-15. All while Joe Johnson, Deron Williams, and Brook Lopez alone make more than $201 million combined between now and 2017.
...It’s also hard to call this a “bad” trade for the Nets, because they’ll definitely improve, they weren’t getting out of their salary cap hell anyway and it’s not our money they’re spending. Still, if guard C.J. Watson opts out of his deal, the Nets will be on the books for nearly $97 million in payroll next year (with $80 million in luxury tax bills on top of that), with only nine players on the roster, and that includes two players (Tornike Shengailia, and Tyshawn Taylor) that you’ve never heard of.

Comments

Popular posts from this blog

Barclays Center/Levy Restaurants hit with suit charging discrimination on disability, race; supervisors said to use vicious slurs, pursue retaliation

The Daily News has an article today, Barclays Center hit with $5M suit claiming discrimination against disabled, while the New York Post headlined its article Barclays Center sued over taunting disabled employees.

While that's part of the lawsuit, more prominent are claims of racial discrimination and retaliation, with black employees claiming repeated abuse by white supervisors, preferential treatment toward Hispanic colleagues, and retaliation in response to complaints.

Two individual supervisors, for example, are charged with  referring to black employees as “black motherfucker,” “dumb black bitch,” “black monkey,” “piece of shit” and “nigger.”

Two have referred to an employee blind in one eye as “cyclops,” and “the one-eyed guy,” and an employee with a nose disorder as “the nose guy.”

There's been no official response yet though arena spokesman Barry Baum told the Daily News they, but take “allegations of this kind very seriously” and have "a zero tolerance policy for…

Behind the "empty railyards": 40 years of ATURA, Baruch's plan, and the city's diffidence

To supporters of Forest City Ratner's Atlantic Yards project, it's a long-awaited plan for long-overlooked land. "The Atlantic Yards area has been available for any developer in America for over 100 years,” declared Borough President Marty Markowitz at a 5/26/05 City Council hearing.

Charles Gargano, chairman of the Empire State Development Corporation, mused on 11/15/05 to WNYC's Brian Lehrer, “Isn’t it interesting that these railyards have sat for decades and decades and decades, and no one has done a thing about them.” Forest City Ratner spokesman Joe DePlasco, in a 12/19/04 New York Times article ("In a War of Words, One Has the Power to Wound") described the railyards as "an empty scar dividing the community."

But why exactly has the Metropolitan Transportation Authority’s Vanderbilt Yard never been developed? Do public officials have some responsibility?

At a hearing yesterday of the Brooklyn Borough Board Atlantic Yards Committee, Kate Suisma…

Forest City acknowledges unspecified delays in Pacific Park, cites $300 million "impairment" in project value; what about affordable housing pledge?

Updated Monday Nov. 7 am: Note follow-up coverage of stock price drop and investor conference call and pending questions.

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…

Revising official figures, new report reveals Nets averaged just 11,622 home fans last season, Islanders drew 11,200 (and have option to leave in 2018)

The Brooklyn Nets drew an average of only 11,622 fans per home game in their most recent (and lousy) season, more than 23% below the announced official attendance figure, and little more than 65% of the Barclays Center's capacity.

The New York Islanders also drew some 19.4% below announced attendance, or 11,200 fans per home game.

The surprising numbers were disclosed in a consultant's report attached to the Preliminary Official Statement for the refinancing of some $462 million in tax-exempt bonds for the Barclays Center (plus another $20 million in taxable bonds). The refinancing should lower costs to Mikhail Prokhorov, owner of the arena operating company, by and average of $3.4 million a year through 2044 in paying off arena construction.

According to official figures, the Brooklyn Nets attendance averaged 17,187 in the debut season, 2012-13, 17,251 in 2013-14, 17,037 in 2014-15, and 15,125 in the most recent season, 2015-16. For hoops, the arena holds 17,732.

But official…

So, Forest City has some property subject to the future Gowanus rezoning

Writing yesterday, MAP: Who Owns All the Property Along the Gowanus Canal, DNAinfo's Leslie Albrecht lays out the positioning of various real estate players along the Gowanus Canal, a Superfund site:
As the city considers whether to rezone Gowanus and, perhaps, morph the gritty low-rise industrial area into a hot new neighborhood of residential towers (albeit at a fraction of the height of Manhattan's supertall buildings), DNAinfo reviewed property records along the canal to find out who stands to benefit most from the changes.
Investors have poured at least $440 million into buying land on the polluted waterway and more than a third of the properties have changed hands in the past decade, according to an examination of records for the nearly 130 properties along the 1.8-mile canal. While the single largest landowner is developer Property Markets Group, other landowners include Kushner Companies, Alloy Development, Two Trees, and Forest City New York.

Forest City's plans unc…

At 550 Vanderbilt, big chunk of apartments pitched to Chinese buyers as "international units"

One key to sales at the 550 Vanderbilt condo is the connection to China, thanks to Shanghai-based developer Greenland Holdings.

It's the parent of Greenland USA, which as part of Greenland Forest City Partners owns 70% of Pacific Park (except 461 Dean and the arena).

And sales in China may help explain how the developer was able to claim early momentum.
"Since 550 Vanderbilt launched pre-sales in June [2015], more than 80 residences have gone into contract, representing over 30% of the building’s 278 total residences," the developer said in a 9/25/15 press release announcing the opening of a sales gallery in Brooklyn. "The strong response from the marketplace indicates the high level of demand for well-designed new luxury homes in Brooklyn..."

Maybe. Or maybe it just meant a decent initial pipeline to Chinese buyers.

As lawyer Jay Neveloff, who represents Forest City, told the Real Deal in 2015, a project involving a Chinese firm "creates a huge market for…