Ratner backs off Barclays Center tax lawsuit

November 26, 2012 09:00AM

A lawsuit filed against the city by Brooklyn Events Center, a subsidiary of Barclays Center developer Forest City Ratner, over a $741 million property tax appraisal for the stadium has been dropped, the New York Post reported.

Last month, the Ratner-affiliated organization went to New York State Supreme Court in Brooklyn arguing that the city’s appraisal of the music venue and Nets basketball team home was off base. The developer suggested that the stadium’s actual value was closer to $111 million — despite not owing property taxes on the site under its current deal with the city and receiving some $761 million in subsidies and tax breaks to develop the 22-acre Atlantic Yards site.

The Ratner affiliated group explained their decision in a letter to the New York City Law Department: “In challenging the assessments on Forest City properties, petitions on its Arena and [adjacent sites] were inadvertently included. Forest City has instructed our attorneys to discontinue these petitions immediately.” [NYP] —Christopher Cameron