Economic Crunch May Stall Jay-Z And Partners
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.