The New Jersey Nets, who once planned to move into an arena proposed for the Atlantic Yards in Brooklyn as early as 2006, extended their lease at Continental Arena in New Jersey yesterday through the 2012-13 season.
The lease extension provides the team with time to adjust to further delays in the 22-acre Atlantic Yards project. The 19,000-seat, glass-walled arena, to be designed by Frank Gehry, is a critical part of the project, which includes residential and office towers and retail space.
The extension allows the Nets to move to Brooklyn without financial penalties, and without violating the terms of their lease, if they give proper notice to the New Jersey Sports and Exposition Authority, which owns Continental Arena in the Meadowlands Sports Complex.
Assuming that construction begins in 2007, the Nets anticipate that they will move to Brooklyn in the fall of 2009.
“This is just responsible planning,” said Brett D. Yormark, the chief executive of the Nets. “It’s always nice to have options. We will be in Brooklyn for the 2009-10 season, so we needed something in between.”
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