A $400 Million Play in Brooklyn

Blogger Norman Oder figures that the sale of the naming rights for the Nets’ new home in Brooklyn will cover about half of the bond payments for the arena.

Or, rather, the “nearly $400 million” from Barclays Bank would cover that much of the construction cost if the developer, Forest City Ratner, had not been offered, by the state and the city, an even better way to pay off the bonds: the diversion of property taxes and rent.

Matthew Schuerman

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