Building Blocks: Athletes in Development (real estate)

An older article but still newsworthy!

“Athletes have been notorious for tying up their money in horse farms, or drag racing or record labels, which turned out not to be such sound investments,” said Wayne McDonnell Jr., an associate professor at New York University who teaches sports business courses. And real estate, with its brash personalities and public clashes, taps into players’ competitive natures, he added.

“When their playing days are over, athletes can’t just turn off that competitive energy,” Mr. McDonnell said. “They need to channel it into different exercises.”

What has not changed is that a game-winning score can be an enduring public relations bonanza, which can help get deals done, said Tate George, a basketball star at the University of Connecticut and a first-round pick of the New Jersey Nets in 1990. Mr. George is president of the George Group, a developer that mostly builds affordable homes in Newark, N.J.