Nets Poised to Cash In on Brooklyn, the Brand?
Newsday checks in on why the Atlantic Yards arena, no matter what it looks like, would be such a boon for the Nets in terms of revenue: “The ‘Brooklyn’ brand is expected to be an instant merchandising success. The change in address alone will increase the value of the franchise—Forbes ranks the Nets 26th in…
Newsday checks in on why the Atlantic Yards arena, no matter what it looks like, would be such a boon for the Nets in terms of revenue: “The ‘Brooklyn’ brand is expected to be an instant merchandising success. The change in address alone will increase the value of the franchise—Forbes ranks the Nets 26th in value ($295 million) in the 30-team NBA; the Knicks ($613 million) are No. 1—but Forbes senior editor Kurt Badenhausen says the move into a more viable arena will be the biggest asset. ‘They will control all of the revenues at the arena,’ Badenhausen said. ‘Right now, they share a significant amount of the revenues at the Izod Center with the New Jersey Sports and Exposition Authority.'” The story says that if the team actually does move to Brooklyn, it would both tap into Dodgers nostalgia and create a money-making rivalry between the Nets and the Knicks on par with the one that exists between the Mets and the Yanks. Still, as the story notes, “though the Nets already have a 20-year, $400-million naming-rights deal with Barclays, and 28 to 30 percent of suites have been sold before the shovel hits the ground in the fall – they will need to generate a great deal of revenue just to be able to pay off the ambitious project and still remain viable at the same time.”
Nets Expected to Thrive With ‘Brooklyn’ Brand [Newsday]
Logo from rllayman.
“DC which has a much less robust transit system and much stronger car culture than NYC”
DC’s Metro is light years ahead of the NYC subway in comfort, speed and reliability.
I will gladly take the subway to lower Manhattan, then PATH out to the Prudential Center, to cheer on the Newark Nets.
It’s rather evident that the poor souls at Newsday haven’t bothered to look at the models that underpin Forest City’s plan for financing the arena, models that were produced in much more clement financial markets. These assume that Barclays is paying as much as it agreed to when the naming rights deal was first announced, before the repeated delays and the dumping of Frank Gehry (I’m sceptical). They also assume that debt service costs will be about 6% per year (they won’t) and sponsorship and luxury box seats are robust (they haven’t been). But get this. That terrible outdated model still calls for transfers of cash from the publicly-subsidized arena project company to help staunch the Nets’ operating losses. A gold mine, kids, the Brooklyn Nets will not be. Without more subsidies, obvs.
I never said NO ONE would use public transportation, why is everything always taken so far out of context to the point of ridiculousness? And I have been at a game on the subway platform, and of course it’s crowded. So what? My point is that the people who drive, will drive, no matter what, and they make up a sizable portion of game attendees. Using the existence of a transit hub as a reasoning for putting a stadium there is bogus, all the trains in the world stopping there means nothing to that part of the population. They are going to drive no matter what.
Montrose, have you ever gone to Yankees or Mets game? Afterwards, the subway platforms are so crowded that the MTA has staff just to man the crowds and ensure speedy access to trains. Extra trains are run and tons of people use them. The LIRR has stops at Nostrand, ENY, and Jamaica Center. Many people will also walk to games (like me). The same type of pattern will show itself when the Nets move to Brooklyn.
6 years- I doubt it. But Coney Island has 4 train lines and Keyspan Park.As well as parking. Considering the crowds who over the years have gone to Coney Island by the tens of thousands, transport seems to work there. However, perhaps the city should have considered building light rail lines in the outer boroughs instead of spending billions on one Manhattan line.
I don’t know as the arena will be the real strain on the subway that the entire complex will be if its built as Ratner wants. That would be a disaster. The LIRR is also at the hub which is great if people come in from the Island for Nets games. What’s the chances of that happening?
At Citi Field/Shea they line up a 10+ trains at the end of the game on various side tracks, and one enters the station as another leaves. Are the tracks at Atlantic-Pacific configured in such a way to make this possible? Obviously there are lots of train lines and tracks, but it’s a matter of being able to properly stagger the trains. If they can’t do this, its value as a transit hub for events of 20K+ people is limited. It should be possible at nearby Hoyt-Schermerhorn, but that only has the A, C, F, and G lines.
I’m not saying there won’t be traffic in the area surrounding Atlantic and Flatbush on gameday. All I’m saying is that trafic would be infinitely worse if the Arean were located in a neighborhood without transit (or with significantly fewer transit options).
New York Times published a traffic study several years ago. Gridlock in all directions as far as the Atlantic Avenue and Columbia, down by the water.
Secondary to the financial swindle in my mind, but traffic’s gonna be a nightmare. Even after the damn thing is built.
What am I saying, if the damn thing is built.