On April 13, 2012, the NBA Board of Governors unanimously approved the team's relocation to the Barclays Center, a new arena in the borough of Brooklyn in New York City, for the 2012–13 season. The move became official on April 30, 2012, and the team was renamed the Brooklyn Nets.
The NBA team will be moving to Brooklyn, NY from their temporary home at the Prudential Center in Newark, New Jersey. The team is now majority owned by Mikhail Prokhorov, reportedly the third richest man in Russia, through his company Onexim Sports and Entertainment Holding USA, Inc., and minority owners Bruce Ratner, a real-estate developer, and Shawn Carter, an entertainer and entrepreneur known to many as the rapper Jay-Z.
This home, built in 1975, was purchased by Mr. Yormark in March of 2010 for $1,250,000. The home has 3,572 square feet of living space and sits on 1 acre of land. The current appraised value of the property, according to public property records, is $1,392,714.