Jose Alvarado is happy to be back in New York City.
The Brooklyn native, who became one of the storylines during the Knicks’ run to their first title in 53 years, is signing a three-year deal to return, The Post confirmed Friday.
As reports of the deal first emerged, Alvarado seemingly confirmed the news of his return to the Big Apple on social media.
“I’m home,” he wrote on X with blue and orange heart emojis.
The Post’s Jared Schwartz reported that Alvarado declined his player option of $4.5 million to take a deal north of $14 million.
Josh Hart and Karl-Anthony Towns both used emojis to salute Alvarado staying home in their posts on X.
For the 28-year-old Alvarado, he’ll rake in roughly what he did if he had accepted his player option for next season, but with two more years tacked on at the end of the contract — unless his deal is descending or very backloaded.
The Knicks, per the public comments of owner James Dolan, are trying to avoid the second apron — which is $222 million.
It’s a total that they’re already not terribly far from.
A rough estimate from ESPN front office insider and cap guru Bobby Marks notes that the team is already at about $208 million, $1 million shy of the first apron, and $14 million from the second apron.
The second apron penalties are incredibly tedious and consequential.
Among the limitations, teams are not able to aggregate salaries to execute trades or execute sign-and-trades.
First-round picks are “frozen” for the next seven years and cannot be traded.
A team would also lose access to the mid-level exception, and it can never take back more salary in a trade than it is sending out.
Alvarado will be back in action on July 3 with the Puerto Rican men’s senior national basketball team as it looks to advance in FIBA World Cup qualifiers.
Alvarado has been the face of the national team since leading it to the 2024 Summer Olympics, PR’s first men’s basketball Olympic berth in 20 seasons.
However, the program is struggling in World Cup qualifying after two stunning losses to Jamaica, led by Alvarado’s Christ the King High School teammate Kofi Cockburn, leading to PR’s 1-3 record in the first round.
Alvarado and Puerto Rico — ranked No. 16 in the world — will face 3-1 Canada in Hamilton, Ontario, on July 3, and then take on a 1-3 Bahamas squad in Nassau on July 6.
PR will need at least one win to advance into the second round of qualifying, which begins in August and ends in March.
The 2027 FIBA World Cup will be played next summer in Qatar.
If Alvarado and Puerto Rico don’t qualify, it will be the team’s first World Cup miss since 1982.
