X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HARRISON, NJ-The New York Red Bulls Major League Soccer franchise has acquired the 50% interest in its new stadium that it didn’t already own. The team bought the half-share from Anschutz Entertainment Group, which owned the team from 2001 to 2006, when it was known as the MetroStars.

A team spokesman declined to reveal the details of the transaction, citing company policy. Soft drink maker Red Bull bought the team from AEG in 2006, paying $30 million for the team, $45 million for a half interest in the stadium and $25 million for the venue’s naming rights.

And RBNY will tweak the final product a bit, according to managing director Marc de Grandpre. The seating capacity will be bumped up to the 25,000 level, and a concert stage will be deleted, making it a soccer-only facility. “We would like to thank AEG for their hard work in our partnership over the past 18 months,” de Grandpre says.

Site work started for the facility a year ago, and it’s now slated to be finished in 2009. It’s a cornerstone project of the under-construction Harrison MetroCentre, a mixed-use redevelopment being done by the Bedminster-based Advance Realty Group.

RBNY has also hired John Amorosa as construction manager. He will oversee the remaining construction of the stadium, dubbed Red Bull Park, as well as the team’s new headquarters and training facility in Hanover.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.