Investors urge Ratner to ditch Brooklyn for Newark arena

Spokespeople for the Nets and Bruce Ratner say they are moving forward with the Brooklyn arena, but sources of The Real Deal say discussions about moving the team to Newark have life.

Developer Bruce Ratner has been approached by several New Jersey investors and public officials on a plan to relocate the Nets to the Prudential Center in downtown Newark, according to sources familiar with the talks.

“If they don’t get that arena built in Brooklyn in the next couple of years, I’m doubtful that Ratner would want to keep paying for losses for the Nets,” said Michael Cramer, professor of sports management at New York University. “It would have been good to get the Nets and Devils in the same arena.”

Loan crisis hurts Brooklyn renters, too

The NY Daily News writes about a recent study detailing that renters are feeling the effects of the credit crisis and increasing foreclosure rates in New York.

Brooklyn had the most renters affected by the mortgage crisis in the city last year, a New York University Furman Center for Real Estate and Urban Policy study found.

More than 7,000 residents lost their apartments in foreclosed Brooklyn homes last year, compared with 3,723 in Queens, 2,483 in the Bronx, 1,111 in Manhattan and 488 on Staten Island.

Immigrants help market stay afloat

The Bergen Record details how the growing immigrant population calling New Jersey home is propping up the Bergen County real estate market.

According to the National Association of Realtors, two out of three households in New Jersey are being formed by foreign-born/ethnic minorities; they are projected to account for more than 50 percent of first-time home buyers by 2010. About 9 percent of the Garden State’s population is represented by nationalized citizens.

Face-off along 125th Street

Crain’s reports on the upcoming rezoning battle between the Bloomberg administration and the community groups opposing changes that would bring 20 story office towers and 2,000 market rate residential units to 125th Street.

The city’s overtures have not quelled many residents’ fears that gentrification will destroy Harlem’s unique character. And they are not convinced that development will lead to jobs. Many residents insist that they need better schools and job training, not rezoning, to improve their economic status. They note that many Harlem residents are shut out of office jobs available elsewhere in the city, and they don’t see how adding positions nearby will help.

Gowanus Gentrification Slowed

Brownstoner reports on several problems Whole Foods faces for their planned Gowanus location.

In addition to needing a full new building permit from the DOB, the DEC still has to approve the grocer’s plans to build on a wetlands. Even though construction can’t actually begin on the store, in mid-March the DOB put a stop work order on the property that’s only been partially lifted for contractors to make the site safe by erecting a better fence. The DOB entry on the stop work order says that “hazardous conditions were observed during inspection” and that there was a “failure to safeguard public & property” because the construction fence was down.

Jersey City Arts District Coming Undone

New York’s Sixth discusses the recent reversion of Jersey City’s Powerhouse Arts District.

The long fight over the Toll Brother’s planned towers for the former Powerhouse Arts District essentially came to an end at last night’s planning board meeting with the board voting 8 to 0 in favor of approving Toll Brothers new vision reports the Jersey Journal. The plan includes building towers of 40, 35 and 30 stories in the former warehouse district and dwarfing several projects that conformed to the original Powerhouse Arts District Plan including the recently completed Waldo Lofts and Morgan Lighthouse.