Atlantic Yards/Pacific Park Report

In case you hadn't noticed, snackmaker Wise is the official chips of the Brooklyn Nets--and more. Sports Business Journal reported in June that the three-year deal also involves the New York Liberty and the Barclays Center arena, and "includes Nets and Liberty indicia on packaging, point of sale and possible player involvement." As you can see from the photo showing the Ticketmaster Plaza fenced off in preparation of an evening event, this "civic" space also is a significant revenue producer for BSE Global, which operates the arena and owns the teams.

The Barclays Center yesterday released its December 2024 calendar of events: 15 ticketed events including five Brooklyn Nets games, two college basketball tournaments, and eight concerts--but no New Year's Eve show. Last December, there were  16 ticketed events , including one wrestling show and and a New Year's Eve concert. See below. As I wrote, that was a significant improvement over  December 2022 , which had only eight ticketed events, including one concert. Should that be attributed to  the switch  from SeatGeek to Tickemaster? A declining  honeymood period  for the UBS Arena in Nassau County? More details Note that two Shakira concerts planned for this Dec. 6 and Dec. 7 were  cancelled , but those dates were then filled by two concerts from Usher, who had  already performed  four times at Barclays in September. The month includes the inaugural Women’s Champions Classic , a doubleheader featuring women’s college basketball teams from UC...

Weekly Digest: a Shifting Zeitgeist on Development? ( link ) Also, lingering questions about Atlantic Yards, and a big move by arena operator BSE Global into a Brooklyn icon.

It's notable that the WNBA's New York Liberty, which first played in Brooklyn in 2021 and won a championship this year, have had an easier welcome than the Brooklyn Nets, which debuted in 2012 and have gone through numerous ups and downs, including changes in players, coaches, ownership, and sponsors. Photo of New York magazine print issue So there you have it, in New York magazine's recent holiday season gift guide , a recommendation, among 95 gifts under $50, for a Lady Liberty Tee, featuring mascot Ellie the Elephant, "arguably the most famous member of the WNBA team." It's only $38, at the New York Liberty store. A month ago, New York recommended  an Ellie costume for Halloween. Let me quote: As the New York Liberty’s Ellie the Elephant danced her way to stardom, she proved that mascots don’t have to be corny. She’s been written up twice by Vogue and has a keen eye for fashion, not to mention her own stylist. She’s even been seen carrying a Telfar bag ....

So, was The Brodsky Organization or TF Cornerstone going to partner on the B5 tower, the first tower over the Vanderbilt Yard? B5, center-left, plus (built) B4. Dattner Architects Would that firm have joined Greenland USA on all railyard sites? Those are "what-if" questions that are probably moot--except that one or the other might emerge as a partner on Site 5, the remaining parcel Greenland controls. From a September 2022 letter to the Metropolitan Transportation Authority from Greenland USA President Gang Hu regarding plans--pre-foreclosure, of course--for B5:  "We have also notified both the MTA Parties and ESD [Empire State Development] of our intent to develop the B5 Building with a partner that has experience at Pacific Park but will not be able to invest in the project unless it is assured that it can complete the B5 Building prior to the 2026 [421-a tax break] deadline." That deadline has been extended, but that's not an issue now, since rights to the ...

Interestingly enough, the Empire State Development page ( link ) for Atlantic Yards, under the umbrella of the Atlantic Yards Community Development Corporation, recently added a copy (also at bottom) of the Oct. 25, 2021 Interim Lease for Site 5, the parcel across Flatbush Avenue from the Barclays Center.  From AY CDC web site The key contents of the lease were disclosed Aug. 1 when I wrote about pending plans for an even larger two-tower project at that site, long occupied by the big-box stores P.C. Richard and the now-closed Modell's. But there are some details worth noting. The P.C. Richard deal First, the document confirms that the lease with the state proceeded on the same day developer Greenland USA had entered into a Purchase and Sale Agreement with P.C. Richard's parent company, gaining the right to purchase the property. (That has not proceeded yet.) Greenland also agreed "to design and construct a retail condominium unit within the new building" at Site 5,...

Flashback: "Atlantic Yards Is ___"? ( link ) The gnomic question persists. A look at many changes. Photo: Tracy Collins

BSE Global's pursuit of an "ecosystem" of assets in Brooklyn ( link ) continues, with the surprising-but-maybe-not acquisition of the landmarked retail space in the base of the historic Williamsburgh Savings Bank tower at One Hanson Place. It's barely five minutes by foot--though with busy Flatbush Avenue and the Atlantic Terminal shopping mall as barriers--from the Barclays Center. As the Real Deal reported , based on the scoop from PincusCo, BSE Global--which owns the Brooklyn Nets, New York Liberty, the Barclays Center operating company, and more--paid "$10.3 million" for that gorgeous vaulted space in a foreclosure auction. (The price, according to city records, was $10,265,275.)  The tower, for some 80 years the tallest building in Brooklyn at 512 feet but since eclipsed by many new towers, was an office building, with a bank at the base until 2006, after which the office space was converted to condos.  The cost, via ACRIS (Here's Brownstoner's...

Weekly Digest: Community Engagement or Developer Engagement? ( link ) Set to approve "permitted developer," Empire State Development says it will launch outreach regarding six tower sites over railyard. But Related's already been lobbying.

This is the second of two articles on the Nov. 14  meeting  of the advisory Atlantic Yards Community Development Corporation (AY CDC). The first  concerned the emergence of a "permitted developer" for six tower sites and questions about enforcing the affordable housing deadline. A main topic of the meeting, vaguely billed as "Community Engagement," suggests that Empire State Development (ESD), the state authority that oversees/shepherds Atlantic Yards/Pacific Park, is moving ahead with plans regarding the six towers (B5-B10) over the  Metropolitan Transportation Authority’s two-block Vanderbilt Yard. Remember, as I reported yesterday, a "permitted developer"--a joint venture involving Hudson Yards developer Related Companies and two financial partners--is about to take control over those development rights, below Atlantic Avenue between Sixth and Carlton avenues. Thus, ESD will seek public input to either 1) help shape the project's future (at the mar...

This is the first of two articles on the Nov. 14 meeting of the advisory Atlantic Yards Community Development Corporation (AY CDC). The second concerned "community engagement" regarding the future of the six tower sites over the Vanderbilt Yard platform. OK, my prediction was a little off. Empire State Development (ESD), the state authority that oversees/shepherds the project, was not quite ready to announce that a new joint venture involving Hudson Yards developer Related Companies has qualified as a “permitted developer,” thus stepping in, thanks to a foreclosure auction, to develop six development sites (B5-B10) over the Metropolitan Transportation Authority’s Vanderbilt Yard. But they’re pretty close. ESD’s Anna Pycior, Senior VP, Community Relations, said the state authority was “completing our review of their documents, and once the review is satisfactory… we would proceed with the new joint venture. We don't anticipate issues moving forward.” That could happen “...

2024 valuation; screenshot from Forbes NBA teams have gained an average of 15% in value over the past year, according to the latest estimates from Forbes, released Oct. 24. But the estimated value of the Brooklyn rose 25%,  the second-largest increase in the league (as noted by NetsDaily), to $4.8 billion. That ranks  the Nets eighth in the league. They were 13th in the 2023 valuations.  That rise bolsters the argument that Joe Tsai, primary owner of the team and the arena company, should pay for the privilege of getting a permanent plaza outside the arena, as it serves both visitors and sponsors. Big bucks Forbes estimates the Golden State Warriors  are worth $8.8 billion, the New York Knicks $7.5 billion, and the Los Angeles Lakers $7.1 billion, with only four NFL teams and MLB's New York Yankees over that benchmark. Notably, the thirst for NBA ownership--like "paintings for billionaires," as Jay-Z once said--means that, over the past decade, the value as a mul...