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

A nor'easter is making its way to the 1 Forecasters: 1 to 3 inches of rain possible on Monday
A press conference was held in Downtown Brooklyn 2 VIDEO: El Chapo extradited and arraigned in Brooklyn
Police have made an arrest in connection with 3 Police arrest man accused of hiding body parts at Hunts Point waste station
4 Neighborhood Brief for Jan. 22
Kilusan Bautista once lived in Crown Heights until 5 NYC man's show puts spotlight on gentrification

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