Forest City looks to sell large stake in Barclays Center

A 55 percent share of the arena up for grabs; Evercore Partners doing the marketing
October 21, 2014 08:00AM

Developer Bruce Ratner’s Forest City Ratner is selling a 55 percent stake in the Barclays Center.

The Brooklyn venue opened two years ago. Investment bank Evercore Partners is expected to start marketing the property next week. A Brooklyn Nets spokesman said that the current management team will continue in its existing role in a statement reported by SportsBusiness Journal.

According to the website, the Barclays Center has more than a $30 million annual cash flow, giving the venue a $750 million valuation.

At another site in Brooklyn, Forest City is looking to either sell or find a development partner for a site that can hold more than 600,000 square feet of residential development at 625 Fulton Street.

Our goal is to identify a strategic partner as we continue to capitalize on the great performance of Barclays Center and the promise of Nassau Coliseum,” the spokesman said in the statement. 

Next year, the arena will be home to NHL’s the New York Islanders as well as the Brooklyn Nets. The Nets have a 45 percent stake in the Barclays Center. [SportsBusiness Journal] — Claire Moses