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Atlantic Yards/Pacific Park graphic: what's built/what's coming + FAQ (pinned post)

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Behind "Nassau Live Center" on Coliseum ice logo, an EB-5 transaction that remains perplexing

In  'Nassau Live Center' the temporary words on Islanders' Coliseum ice logo , Newsday reported 1/19/21 that the name Nassau Live Center now surrounds the team logo at center ice, though it will eventually read "Nassau Live at Nassau Veterans Memorial Coliseum."  That's because the naming rights holder, New York Community Bank, withdrew.  Per Newsday: Nassau Live Center is the name of the Coliseum’s new leaseholder, which has taken over control of the county-owned building after Russian billionaire Mikhail Prokhorov defaulted on rent and walked away from a $100 million loan. ...Nassau then negotiated a deal with [Nicholas] Mastroianni to take over the same lease because his Jupiter, Florida, company, U.S. Immigration Fund, orchestrated the loan that helped finance Onexim’s renovation of the Coliseum. That's presented as something routine. However, as I wrote last month, the deal seems akin to a mortgage default that leaves the mortgage broker , not the mo

Sportico: Brooklyn Nets and arena company worth $3.4B, fourth in the league (before Harden trade). Still, revenues only 11th--and paltry past profits ignored.

Three NBA Teams Top $5 Billion in Sportico’s 2021 Franchise Valuations Report , Sportico reported yesterday, with the Brooklyn Nets ranked fourth, at a combined valuation of $3.4 billion for the team and the arena operating company, part of BSE Global, all owned by entities held by Joe Tsai. That valuation was calculated after last season and before the astonishing trade that brought superstar James Harden, so based on Sportico's metric--and putting aside the relatively small coronavirus-imposed drag on revenues--it presumably would rise, given Harden's arrival. From Sportico Reasons for doubt Then again, there are several reasons for skepticism.  The Nets are only 11th in reported revenues (both national and local) and Sportico's metric makes no mention of what I'd argue is a more important metric: net income, or profit. (My tweet about this drew no official response, though one respondent, an appraiser, suggested net income could be fungible.) Last February, accordi

In City & State's 2021 Political PR Power 50, BerlinRosen again in second slot (though no mention of Atlantic Yards/Pacific Park)

Last week, City & State NY published  The 2021 Political PR Power 50 , its second annual ranking. Such lists are both arbitrary, as well as advertising-driven, but they provide a reasonable benchmark regarding influencers in our midst. The summary: As politicians, government officials, business executives and nonprofit leaders navigate these turbulent times, they are turning to savvy PR professionals to help get their message across, whether it’s highlighting their responses to the pandemic, drawing attention to demands for social justice or simply maintaining connections with employees working remotely. Another way of putting it: many of the messages and articles you encounter regarding major projects like Atlantic Yards/Pacific Park--say, "Brooklyn’s Pacific Park moves to fast track," as I wrote in October 2019--are mediated through a public relations firm. Note that this list focuses on "players directly involved in the world of New York politics and policy,"

With Harden debut, Nets dominate back pages; meanwhile, another protest outside, while LED screen (though not oculus) offers MLK quote

OK, this will be my last Brooklyn Nets post for now, but let's note that the debut of star guard James Harden, who hadn't practiced with the team, went very well, with a couple of asterisks.  As the Daily News put it, The James Harden-Kevin Durant Nets look unguardable , and the New York Post put it,  James Harden does it all in winning Nets debut . That dominated the tabloids' back pages. From the Daily News: Harden recorded the first-ever Nets debut triple double and the first-ever 30-point triple double in a team debut in NBA history. He saw players open before they did, pushed the tempo like he used to under Mike D’Antoni in Houston, was pragmatic about his shot selection, and left his mark all over the tie-dye court with 32 points, 14 assists and 12 rebounds on the night. Meanwhile, Kevin Durant scored 42 points and shooter Joe Harris scored 17.  And that was without star guard Kyrie Irving, who is also unguardable, though could raise complications.  The challenges for

The business upside of the Nets' Harden trade: new placements for ads, and new rates

Yup, it's a business. As Sportico reported yesterday, in  HARDEN TRADE PROMPTS YES NETWORK, NETS TO LAUNCH VIRTUAL ADS ON COURT , the Brooklyn Nets' dramatic , not-without- risk addition of superstar James Harden may cost draft picks and higher salaries, but comes with an upside: Because of pinched budgets during the pandemic, the NBA is allowing broadcasts this season to include virtual ads on the court during games. The Nets and their TV partner, YES Network , originally decided to hold off on selling that space. On Thursday, 24 hours after the team acquired Harden in a blockbuster trade , the two sides reversed course. In a few weeks, advertising partners will have placement on the court during home and away games. The trade “definitely pushed us quicker to the table,” said Howard Levinson, YES Network’s senior vice president of ad sales. “We were trying to develop a market for it, and now we feel like with this trade, the market will be there.” As Sportico reported, adverti

OK, the Nets mortgaged the future because... it's a business, of course.

Well, the Brooklyn Nets' blockbuster trade for start shooting guard James Harden, creating a superteam at significant sacrifice, continued to generate much discussion and buzz yesterday after General Manager Sean Marks addressed the media , leaving many commentators with more optimism than not. As the New York Times distilled it:  With James Harden, the Nets now have an elite trio of ball-dominant playmakers. Yet there are key differences in how Kevin Durant and Kyrie Irving thrive that could allow this grand experiment to work. The New York Post's Brian Lewis addressed an obvious question: Q: GM Sean Marks said in November he wouldn’t mortgage the future, but here we are. Why were they willing to make the deal now? A: The need was greater for both Brooklyn and Houston. While Marks can say this had nothing to do with Irving’s personal issues, Harden provides the most expensive insurance policy in NBA history against Irving getting hurt, going AWOL or being dealt. And after

Nets gain superstar guard Harden from Houston, pay heavy price; superteam may be justified only by a title, but should continue to wrest attention from Knicks

In another remarkable--albeit risky--move, the Brooklyn Nets yesterday became even more of a superteam, adding Houston Rockets superstar James Harden, who'd agitated to leave, in exchange for a heavy price: three solid young players, including budding stars Caris LeVert and Jarrett Allen, and a trove of draft assets: three unprotected first-round picks, plus four opportunities to swap draft positions. That lifted the Nets into the NBA's likely second slot, behind the defending champs Los Angeles Lakers, according to betting odds , though pundits said the trade would be justified only by a title.  It should further cement the Nets--who last night beat the long-struggling New York Knicks with forward Kevin Durant as their only star on the court--as the city's dominant team, thus narrowing the Knicks' long advantage in revenue, sponsorships, viewers, and value.  And if it delivers a championship to the Nets, who began playing in Brooklyn in September 2012, it's anoth