From left: Mikhail Prokhorov and the Barclays Center
The Russian billionaire who owns the soon-to-be-Brooklyn Nets has big plans for the borough, but no intention of moving to it, the Brooklyn Paper reported. Mikhail Prokhorov, the 58th wealthiest person in the world, according to Forbes Magazine, will not be buying a pad for himself to use when he visits for Nets games at the huge Prospect Heights-area stadium set to open this September. [more]
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Bruce Ratner, chairman and CEO of Forest City Ratner, appeared on Bloomberg Television’s “In the Loop” (see video
on the jump) to discuss the New York real estate market and, of course, his
Atlantic Yards project. The developer said that if the economy tanks
again, and experiences a double dip the city would not come out as
cleanly as it did the first time around. The widespread layoffs being
announced by banks combined with existing budget woes would strain the
city. However, because the city’s economy is more diversified than it
was even five years ago, he still believes it would fare better than
most other markets. [more]
The New Jersey Nets basketball team may have had the worst record in the league last year, but new owner and Atlantic Yards benefactor Mikhail Prokhorov said he’s determined to reverse the failing team’s course, according to Bloomberg News. The Russian oligarch, who paid Atlantic Yards developer Bruce Ratner $200 million in exchange for an 80 percent sake in the team, flew the Nets out to Moscow and met with them yesterday. The billionaire businessman has already proved to be a hit among the team members, with point guard Devin Harris eager to glean information from Prokhorov. “It’s not just that he’s Russian,” Harris said. “He’s proven to be the bet in pretty much anything that he’s touched and he has a feel for the game.” [Bloomberg]
Charles Ratner
Forest City Enterprises, the parent company of Forest City Ratner, swung to a profit in the fiscal second quarter as rental income rose and the company closed on the sale of the New Jersey Nets to a Russian billionaire. The Cleveland-based firm reported net income of $122.8 million, or 61 cents a share, in the quarter ended July 31, compared with [more]
The National Basketball Association has approved Russian oligarch Mikhail Prokhorov’s purchase of an 80 percent stake in the New Jersey Nets team, according to the Associated Press. Prokhorov had agreed to buy the NBA team last year, providing financing for the construction of the new Barclays Center, in which he will have a 45 percent stake, a part of the Atlantic Yards development project in Downtown Brooklyn where the Nets will play. [more]
The New Jersey Nets have reached a long-anticipated deal to move to Newark’s Prudential Center for the next two years, as the team plans for the Barclays Arena to open two years from now at the Atlantic Yards project in Brooklyn.
Newark Mayor Cory Booker confirmed the deal following a special session of the New Jersey Sports and Exposition Authority this morning and furious negotiations to finalize talks with the Prudential Center officials.
“It’s extraordinarily exciting,” Booker told The Real Deal in a telephone interview. “Not only will it bring economic opportunity, energy excitement to our downtown, for the Nets they are going to receive one of the most exciting fan bases they’ve had in years and years.”
The deal ends months of speculation about the Nets, who have struggled to draw fans to the East Rutherford arena after the New Jersey Devils ditched the former Continental Airlines arena for Newark. [more]
The New York Court of Appeals cleared the way this morning for developer Bruce Ratner to move forward with plans for his $4.9 billion Atlantic Yards project, dismissing opponents’ claims that the state had misused eminent domain laws in securing land for the development. The decision may come just in the nick of time for Ratner, who needs to make a Dec. 31 deadline if he is to receive tax-exempt status on $600 million in bonds for the new 18,000-seat New Jersey Nets arena he’s building at the intersection of Flatbush and Atlantic Avenue. In addition to the arena, Ratner has plans for 16 high-rise towers nearby on the 22-acre lot, with up to 6,430 apartments. While the eminent domain case was likely the last major obstacle Ratner would have to clear before beginning construction, he is facing a slew of other lawsuits, including one filed by some 20 community advocacy groups last month contending that the Empire State Development Corporation and Ratner’s Forest City Companies planned to circumvent the project’s governing document and were refusing to submit a Supplemental Environmental Impact Statement. [NYT]
A New York Court of Appeals ruling on the use of eminent domain in securing land for the controversial Atlantic Yards development is expected as early as tomorrow. The ruling could prove pivotal for developer Bruce Ratner’s project, which has drawn fervent supporters and detractors through its long process of deliberation. The timing of the ruling is significant for Ratner, who is racing to beat a Dec. 31 deadline in order to receive tax-exempt status on $600 million in bonds and to commit Barclays and the New Jersey Nets for the project.
Atlantic Yards developer and New Jersey Nets owner Bruce Ratner is looking for Nets investors who are willing to move the basketball team to Atlantic Yards, the Star-Ledger reported. Possible investors include Terry Semel, former CEO of Yahoo, and Russian billionaire Mikhail Prokhorov. Two current investors with small shares in the team, commodities traders Vinny Viola and Marc Lasry, are also potential candidates to become larger investors. Newark Mayor Cory Booker wants the Nets to move to Newark, where they could play in the Prudential Center, and he said in May that he expected the team to be sold and the Atlantic Yards project to collapse. But Ratner is reportedly only interested in investors who will agree to move the team to Brooklyn. [more]
