Barclays Bank said it will remain committed to the Nets basketball arena in the
Atlantic Yards project even though developer Bruce Ratner won’t be able to
break ground on the project in December as planned. The State Appellate Court
has rejected a motion to dismiss an eminent domain lawsuit filed by property
owners and tenants affected by the development.
Barclays has agreed to pay about $20 million per year for the arena naming
rights, and the bank was believed to have a clause in its contract allowing it
to back out if project construction does not begin by the end of November.