Author Topic: Economic Crunch May Stall Jay-Z And Partners  (Read 49 times)

Elano

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Economic Crunch May Stall Jay-Z And Partners
« on: March 21, 2008, 01:37:23 PM »
The ambitious $4 billion Atlantic Yards project, which is expected to include 8 million square feet of apartments, stores and offices, is the latest victim of the current economic downturn. The development has made headlines recently for drawing opposition from many Brooklyn residents, and has also spawned a $5 billion reparations suit from a resident. The suit alleges that Barclay's bank, which owns the naming rights to the adjacent sports arena associated with the project, has ties to the African slave trade which date back generations. Local residents have also unsuccessfully tried to file motions to stop the project on the grounds that condemning some of the buildings necessary to make space for Atlantic Yards is unconstitutional.
As it currently stands, the NBA's New Jersey Nets, which Jay-Z has a minority ownership stake in, are scheduled to relocate to Brooklyn after the 2010 season. Although plans to build the team's new arena are still in place, current market conditions will likely impact the rest of the project.
"It may hold up the office building," developer Bruce C. Ratner tells the New York Times. "And the bond market may slow the pace of the residential buildings. I'd hope that the first residential building will be done in six months of the opening of the arena, and a second one a year after that."
Atlantic Yards' setbacks aside, there obviously hasn't been an outpouring of sympathy for Jay-Z. Since vacating his position as president of Def Jam in late 2007 the rapper and executive has joined Steve Stoute as a part of Translation Advertising and entertained offers to head his own label.


 :D@ one of the comments after the "news":

This country was and still is run by drug dealers (see bootlegging), thieves and murderers (see trail of tears, slavery) and thugs (see damn near every politician ever to step in office) so saying you don't want something as positive as a new stadium and housing and a fresh look to a GHETTO because of a company's past is crazy to me. i wont say all but the majority of wealthy families (i.e. corporations) in this country was started or funded through illegal means. Andrew Jackson had one of the largest planatations in the South but you don't see people protesting about them naming schools in the brooklyn after this bastard do you? P.S. 145 "Andrew Jackson" (just in case some retard thinks i'm talking about the HS in Queens) If that's the case, they need to level this entire country and start over because i'm sure if one digs deep enough all this shit is tied back to slavery and the blood of the poor. is it right? NO. Can it be changed? NO. You have to know when to fight those battles and when to use an opportunity to your advantage. Why are we concerned about savbing projects in Brooklyn when we should be worried about elevating ourselves to get the hell out of the hood. What should be outraging us is why more successful people who've come from those areas and those rich coorporations that have drained our communities for profit are not giving back. You ever heard of 40 acres and a mule? This is what Hip Hop is missing, intelligent rappers who can break shit down for those who "keep it real" Backwards....