Atlantic Yards/Pacific Park Report

Shortly after the Centers for Disease Control and Prevention 7/27/21  updated its guidance, "recommending that vaccinated people resume wearing masks in public indoor spaces in areas where the virus is raging" (as per the NY Times), the Barclays Center apparently updated its policies, requiring masks even for vaccinated guests. As of 6/4/21, according to the Barclays Center's web site, patrons vaccinated for the coronavirus were not required to wear a mask if they were sitting in their seats in the Vaccinated Fan Sections. Former policy As of 7/29/21, however, that advice was updated . "Subject to change, vaccinated and non-vaccinated patrons are required to wear a mask at all times unless eating or drinking," the policy says. (Note: that was the date of the NBA draft, and mask wearing  does not seem to have been required--not that the CDC recommendation was a requirement.) Current policy Raising risk, changing guest experience That raises two issues. First, gi

Something's questionable here. NYC investment firm takes 25% stake in Nassau Coliseum operator , Newsday reported 7/23/21, citing Fortress Investment Group's undisclosed investment "in Nassau Live, which holds the lease on the Coliseum, according to a resolution adopted Thursday by the Nassau County Industrial Development Agency." That means Nick Mastroianni, who somehow transformed from the middleman arranging the $100 million EB-5 loan from 200 immigrant investors to the holder of the lease after Mikhail Prokhorov's Onexim defaulted on the loan, has gained either an infusion of cash now or, at least, a fellow investor for the larger Hub plan around the Coliseum. That plan is steered by another company, RXR, with Nassau Live Developer as minority partner. "Fortress sees a real real-estate opportunity here," Newsday reported Mastroianni attorney, Peter L. Curry telling the IDA at a meeting. "This is a pretty strong indication that they view [the Col

Photo: Google Maps Well, it's not the first business to adapt the black-and-white Brooklyn Nets logo, since I do remember the apparently now-closed Brooklyn Cutz in Coney Island--see photo at right. And there surely have been more. But this year we got the rhymingly-named Brooklyn Pets in Bushwick. Its first review was in March 2021, as was its first  Instagram post .  I don't think anyone confuses the store with an endorsement from the team, so I'd consider the name and logo more an homage than an appropriation. Photo: Norman Oder

Landlord commentary can of course be self-serving, but do note Bisnow's 7/30/21 report, Brooklyn Office Market Could Benefit From Pandemic Shifts In Demand : Tenants are currently looking for shorter lease terms, coworking space in the building and something of an experience when they come into work, according to speakers on an office panel during Bisnow’s Brooklyn’s Rally To Reopen event on Thursday. “It feels like we live now in the year 2035 … working from home used to be 5%, now it’s 30%,” said Matthias Hollwich , founder of architecture firm HWKN . “The future is, we have to offer experiences to people to work for our companies … that's changing everything in the way we think about these buildings.” Since the coronavirus pandemic hit, design has shifted away from focusing primarily on efficiency to focusing on quality, amenity and location, he said. And in addition to space, tenants want events, concerts and ways to connect the public with their workplaces. That said, only

The Barclays Center yesterday released the August clandar, which includes five ticketed events, all WNBA New York Liberty games, one of which, on Friday, Aug. 20, will feature amplified sound on the plaza before/around the 5 pm starting time. Other events include: a mysterious "private event" the afternoon of Aug. 7 free-admission to the atrium on Aug. 8-9, in two stretches, for a student art project inspired by Jean-Michel Basquiat three days of auditions for the Brooklynettes dance squad one day of auditions for Brooklyn Nets Kids one day of auditions for the pep squad Team Hype

Like a game of telephone, facts recede and Atlantic Yards falls down the memory hole. So maybe it seems like quibbling, but it's worth getting right. From the Commercial Observer yesterday, Bill Would Require NYC to Be Notified of Certain Vacant Property Sales : Kallos added that the legislation might help the city use eminent domain to build more important public projects, like schools, rather than projects like Brooklyn’s Barclays Center , which was built on 22 acres of land taken through eminent domain , CBS reported. But, using eminent domain is a last resort, he added. “I’m hoping this legislation will remind folks that the city, though [it] can speak softly, still carries a big stick,” he said. “The City of New York used eminent domain to build Barclays Center and to basically remove an entire city neighborhood, but we don’t use eminent domain to build schools. That seems strange to me. My hope is that this legislation will really put the screws to the city and make sure that

ProPublica's 7/8/21 article,  The Billionaire Playbook: How Sports Owners Use Their Teams to Avoid Millions in Taxes , doesn't mention the Brooklyn Nets, but it's relevant to all major league sports teams, and should help put into perspective the seeming generosity of team owners like the Nets' Joe Tsai.  And it also should help us reframe understanding of the Barclays Center's financial results, because, even when the arena has been (somewhat) profitable, it has had significant paper losses, which help save on taxes for the owner of the arena operating company.  I have tended to ignore those losses because they don't address whether the arena was meeting its financial metrics--which are crucial to the bond rating, never quite "junk." But those "paper" losses have a very important real world impact and should count as a major giveaway. Team values leap First, let's look at the astronishing jump in the last 20 years for team values, with t