Waterbridge Capital bets on Barclays Arena

New York /
Feb.February 15, 2012 11:30 AM

Real estate investment firm Waterbridge Capital has completed its purchase of a 105-year-old Brooklyn industrial facility at 700 Atlantic Avenue for $7 million, the Wall Street Journal reported, close the site of the new Barclays Center sports arena.

The company may be planning to transform the building into a retail center, sources told the Journal, in an effort to capitalize on the rapid evolution of the area leading up to the opening of the arena.

“Up until a year ago, people didn’t know if they could finish” the arena, said Ofer Cohen, president of TerraCRG, who was not familiar with the Waterbridge transaction. “It’s going to unfold in the next couple of years… and people want to take advantage of it.”

The site is located within an area designated by Forest City Ratner for the second phase of its Atlantic Yards plans, which is slated to include residential towers. Waterbridge may opt to sell the building to Forest City in the long run, a source said. [WSJ]

 

Related Articles

arrow_forward_ios
Dollar General CEO Todd Vasos (Retail Industry Leaders Association, iStock)
Dollar General thrives amid retail apocalypse
Dollar General thrives amid retail apocalypse
Laurent Tourondel's  LT  Burger is scheduled to open its Westhampton location this summer. (Google Maps, Getty, LT Burger)
LT Burger to open in Westhampton
LT Burger to open in Westhampton
Philip Williams Posters at 122 Chambers Street (Google Maps)
Iconic Tribeca poster shop’s storefront is for lease
Iconic Tribeca poster shop’s storefront is for lease
Mall of America with JPMorgan Chase' Jamie Dimon (left) and Goldman Sachs' David Solomon (Getty)
Banks, real estate investors circle Mall of America
Banks, real estate investors circle Mall of America
Gov. Andrew Cuomo and Sen. Liz Krueger (Getty)
Seeing green: New York set to legalize recreational marijuana
Seeing green: New York set to legalize recreational marijuana
The Printing House at 421 Hudson Street. (Compass, Getty)
Printing House condo board sues commercial owner for unpaid common charges
Printing House condo board sues commercial owner for unpaid common charges
Mayor Bill de Blasio announced plans for New York City to safely reopen Broadway shows in September. (Getty)
The show must go on: Broadway may be back by September
The show must go on: Broadway may be back by September
1500 Broadway, Jollibee (iStock, Google Maps)
Jollibee to open flagship at 1500 Broadway
Jollibee to open flagship at 1500 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...