Real Estate Rumors
The arena, known as the Baltimore Civic Center when opened 60 years ago, was the home of the Baltimore Bullets — now the Washington Wizards — for 10 years between 1963 and 1973. In 1969, it hosted the NBA All-Star Game. NBA preseason games have occasionally been held at the arena in the years since Bullets moved to Washington. In more recent years, it has become mostly a concert and family show venue as well as a site for college and high school basketball. The city has long wanted to upgrade or rebuild the downtown facility which can seat up to 14,000 fans.
The five-member board voted 4-1 in favor of the city’s lease, development and operating agreement with Baltimore Arena Company LLC, a partnership between Oakview, which operates sports and entertainment facilities and specializes in such renovations, and Thirty Five Ventures, which will be an equity investor in the arena.
How are the valuations derived? Much like house valuations on online real estate sites, they are based on several factors, including location, who owns the arena the team plays in, and the team’s local television deals. James L. Dolan, the owner of the Knicks, also owns Madison Square Garden, whereas the Lakers lease the space at Staples Center, which will become known as Crypto.com Arena on Christmas Day. “If you have two teams, let’s say one owns the building and the other leases it, what I’m valuing is the economics,” said Mike Ozanian, a managing editor at Forbes who compiles its valuations. “In other words, what are the revenues that the team generates at the building versus its expenses?”
Hoops star James Johnson, who just signed with the Brooklyn Nets, has also signed a lease to rent a Tribeca pad at 57 Reade St. Johnson, 34, is a 12-year NBA veteran. “He toured the apartment in late September and signed the lease in early October. He loves the layout and the location,” a source close to the deal told Gimme. The three-bedroom, three-bathroom condo was asking $16,500 a month to rent.
Last week, Los Angeles Lakers co-owner Jesse Buss put his Los Angeles mansion on the market for about $10.9 million. According to Jennifer Beron of Compass, the exact listing price is $10.950 million. For the best part, 17-time All-Star LeBron James lives nearby. In fact, James is his neighbor. The three-story mansion has a fancy underground pool, home theater, nine bathrooms, six bedrooms and a nice gymnasium. In addition to the aforementioned features, Buss also has a wine cellar and bar. Furthermore, Buss bought the property back in 2018.
After just four days on the market, Victor Oladipo’s Orlando, FL, home has found a buyer. The Miami Heat shooting guard scored a quick sale of the property, complete with its over-the-top shoe closet. On the market for $1.8 million, the custom home is currently in pending sale status. The two-time All-Star purchased the luxury residence in 2016 for $1,274,000, after being drafted by the Orlando Magic.