Bonds for new Nets arena sell well

(AP) - A developer's plan to move the New Jersey Netsto Brooklyn has gotten a boost from Wall Street.Investors quickly bought up $511 million in

BROOKLYN - (AP) - A developer's plan to move the New Jersey Netsto Brooklyn has gotten a boost from Wall Street.

Investors quickly bought up $511 million in tax-free bonds thatwent on sale Tuesday to pay for part of the much-delayed project.

Nets principal owner Bruce Ratner says the strong sales showthat investors have confidence in the project.

Ratner has a proposed deal to sell a majority stake in the Netsto Russian entrepreneur Mikhail Prokhorov. The NBA Board ofGovernors is expected to rule on the sale and relocation by early2010.

Ratner and his development company hope to finish the arena by2011. They eventually plan to add apartment towers and officebuildings.

Opponents of the project had hoped the bond-sale would fall flatand thus doom the project.

advertisement | advertise on News 12

Trending Video

1 Neighborhood Brief for Feb. 26
Animal rights activists continued to protest outside the 2 Protesters gather outside Ringling Bros. Circus
3 Neighborhood Brief for Feb. 26
The Brooklyn Academy of Music is hosting a 4 New Brooklyn Academy of Music exhibit features virtual reality storytelling
Activists say they want the city to retract 5 Residents converge to protest Bedford Armory Development

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE