News
Jay-Z Gives Speech at Controversial Atlantic Yards Project
It was a sad day for many people in Brooklyn yesterday (March 11) when developer Bruce Ratner broke ground on the new arena for the Nets at the controversial Atlantic Yards site. Huge protests took place outside the groundbreaking, and could be heard from inside the event, where Borough President Marty Markowitz led the ceremony.
I’m a former resident of Dean Street, where most of this development will take place, and many people in the area are losing homes they’ve lived in for years, and the legendary dive bar Freddy’s will also be demolished as part of the construction. To the surprise of many, both Jay-Z and Spike Lee appeared at the event, implicitly endorsing the destruction and renovation. Jay-Z also gave an impassioned speech at the ceremony.
"What I stand here and represent is hope for Brooklyn, New York City. I'm a son of Brooklyn, I'm from Marcy projects," the hip-hop star said. "I think about growing up in Brooklyn in the Marcy projects and shooting jump shots, thinking I can make it to the NBA. Now I stand here as an owner of team that's coming back to Brooklyn.”
Jay-Z also gave interviews after the ceremony, in which he said: “This project, when you look at the numbers at the end of the day, was so overwhelmingly in favor of the people: the job creation, the housing that's being built. It was difficult; you had to tread through that process lightly.” It’s safe to say that the folks gathered outside the event yesterday did not see eye-to-eye with this viewpoint, and it’s hard not to be disappointed that Jay-Z has so readily jumped into bed with Markowitz and Ratner on this deal.
[via VH1]
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Go Nets!
I think it's a complex issue. But it makes sense for Jay-Z to want to bring "his" team to Brooklyn, right?
It does, yeah, but it's at a great personal loss to many people in that neighborhood. Putting that aside, I also just think it's a bad location for that type of arena. It's already chaos around there, especially concerning traffic. I always feel like I'm going to get killed crossing Atlantic Avenue.
In all honestly, Jay is just a pawn in this whole thing. He owns less than 1 percent of the team...i think its like 0.0045 percent or something, so he was brought in just to give it appeal and be used as a puppet to promote and sell tickets. His whole "I own the Nets" bragging is bsl. And those shares will be even less once the Russian guy takes over, since he bought the team from Ratner and thats where Jay's shares came from.
@Dip, Now that you've told us how little stock he actually has in the project, it makes his role as ambassador for gentrification all that more disappointing.
Yeah man, now he's also involved in some Aqueduct casino scandal.
http://www.nypost.com/p/news/local/jay_stake_in_slots_deal_draws_scrutiny_tv8TlBdN4dPNsnkW4XAqJN
http://www.xxlmag.com/online/?p=73078
/\ that post is mad venom.
@Dipseth
Jay Z owns 1.47% of the nets, so thats more than 1%.
which actually is a lot. he is the second largest "personal owner" of the team(behind Ratner).
most of the ownership is with an investment group which is made of about 40 people with 5 front men.
Derrick
"it's a bad location for that type of arena"....
It's EXACTLY the place for that type of arena in New York, with more trains stopping around the arena than Madison Square Garden. As far as people in the neighborhood losing anything, most of the people affected have already taken the more than genorous offer and ran. This has been years in the making. The few morons who stayed knew this was coming.
Woops