The league's board was scheduled to vote next week on whether toapprove Prokhorov's deal to buy a controlling interest in the Netsfrom current owner Bruce Ratner, chairman and CEO of Atlantic Yardsdeveloper Forest City Ratner Cos., but postponed it indefinitelybecause the state has yet to take possession of all the land it'sseizing under eminent domain. In a statement, Joel Litvin, theNBA's president of league and basketball operations, says the boardwill vote on Prokhorov's purchase of the Nets "once a firm date isset for the State of New York to take full possession of the arenasite, which the team expects to occur in the near future."

A spokeswoman for the Empire State Development Corp. that ESDC will have possession of the land "when theremaining occupants have been relocated. We hope to accomplish thiswithin the next month or two."

Seeking to delay the completion of that relocation for as longas possible, the group Develop Don't Destroy Brooklyn and 19 othercommunity groups filed papers asking for another round in court.They argue that ESDC didn't release documents showing that AtlanticYards would take 25 years to complete until after oral argumentshad been heard in January. The March 10 ruling by Judge MarcyFriedman "hinged on whether or not there was a rational basis forESDC to claim the project would take 10 years."

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.