Russian Billionaire To Bail Out Ratner?
There are mixed reports concerning the details, but it seems like Russia’s richest man, self-made billionaire Mikhail Prokhorov, may be partly funding the Barclays arena, a part of Bruce Ratner’s Atlantic Yards development that just received final state approval. Reuters reports that Prokhorov is considering issuing bonds to raise $700 million for the arena, in…
There are mixed reports concerning the details, but it seems like Russia’s richest man, self-made billionaire Mikhail Prokhorov, may be partly funding the Barclays arena, a part of Bruce Ratner’s Atlantic Yards development that just received final state approval. Reuters reports that Prokhorov is considering issuing bonds to raise $700 million for the arena, in exchange for a share of the New Jersey Nets, which will move there once complete. This report has raised several eyebrows; NBC New York points out that the Nets have been hemorrhaging money for the past few years, and it’s possible that Ratner is using Prokhorov simply to attract other investors. NBC New York writes: “All Prokhorov’s company spokesman would say is that he’s considering an investment, which is probably true and isn’t indicative of all that much.” The New York Times also takes the conservative approach, reporting simply that “Mikhail Prokhorov is the leading contender to buy a majority stake in the team and in the planned arena.” Bruce Ratner bought the New Jersey Nets for $300 million in 2004, and the Barclays Center is currently projected to cost about $800 million, so it is unclear how much of Ratner’s pie $700 million will buy Prokhorov. In other Atlantic Yards news, Develop Don’t Destroy Brooklyn and the Atlantic Yards Report revisit the issue of the project’s timetable, questioning how Ratner could possibly complete the entire development in ten years. Click the links for details.
Russia’s Richest Man Eyes Nets Deal [Reuters]
Russia’s Richest Man to Pave Nets Path to Brooklyn [NBC]
Ratner Said to Be Closer to Selling Majority Stake in Nets [NY Times]
Russian Rescue for Ratner’s Nets Arena? [Field of Schemes]
MTA Agreement Allows 22 Years for Atlantic Yards [DDDB]
ESDC Defends 10-year Timetable [AYR]
Photo from Wikimedia Commons
Based on today’s thread, it sounds like Ratner is already spending some of his Russian partner’s money to get people to shill for his plan. The allegation that spoiled trust funders are blocking AY is ridiculous. If you went to any of the public hearings, you would have noticed that the pro AY participants were being paid to attend.
FtGreeneCorey- I am in crown heights and close enough so that AY will have a big impact on my neighborhood. More traffic, demapped streets, years of construction, disruption of bus service (and we don’t have the greatest public transportation access here as it is). I am involved with an organization in Coney Island. We want development there- but not Vegas on the Atlantic.
I want more amenities, I want more housing and better infrastructure. I think Ratner’s getting too much and not giving enough back. His design is far too big for the area and there hasn’t been a real environmental impact study yet. I realize I am repeating this but you don’t seem to listen- and I can only speak for myself as I am not a member of DDDB- no one is against development. They are against this development because – as grand army says- its an ill-conceived, public money sucking scheme. Ill- conceived being the operative term. Even the independent studies of the arena say it will suck finances out, not pay them out. And I know the footprint- why he needed eminent domain is a mystery. He already had a big chuck of land- which, by the way, was not a wasteland until he got there and started tearing stuff down. Before that it was a community that had been pulling itself up -Goldstein’s building is a case in point. A great reno of an older building, one of severalin the area. All slated to be torn down for AY- what a waste of time and money.
Oh man, I’m busting a gut over the absurdity of a Russian oligarch entering this already crazy cast of characters — that is, when I’m not sobbing that he might Ratner’s ill-conceived public-money-sucking scheme a reality. Chelsea Footbal Club is owned by one of these billionaires. They collect sports franchises the way I collect beer mats.
Tne Anti-AY movement IS the very definition of NIMBY-ISM. If this project was proposed for Coney Island, or East New York, or Crown Heights, would you or Goldstein be leading the charge against it? Would it even be on your radar?
Thanks bGreene- and a lovely New Year to you too!
Its seems to me that some of the same FCR operatives are out and active today on this thread. Fie on you! 🙂
Listen, BxGrl make some V-E-R-Y good points and the person logging in as DDDB wrote a well-reasoned and sane entry.
The main problem for me all along has been the ethics behind the project. The entire “process” had been full of ש×Ö·× ×“×¢ and not with צדקה
The fact that the project is getting bankrolled on the backs of taxpayers and citizens and that it has been rammed down our throats is unacceptable.
Happy New Year Everyone!!!
!!!×œ×©× ×” טובֿה תּכּתבֿ
I’ve been here longer- that’s all the personal information you need.
And yes- you did invalidate my views by saying that those against AY don’t care about brooklyn or its future.
Look, AY will most likely fail (if I were a betting man, I’d bet against it at this point), but if it does, I can’t see how anyone who is FROM Brooklyn, LOVES Brooklyn and has a VESTED INTEREST in Brooklyn’s future could possibly see that as a positive outcome.”
“DDDB and BXGRL, you (should and probably do) know that…and if so, shame on you!”
“DDDB and BXGRL….where are you FROM and how long have you been HERE?”
What was the purpose of even asking that? Would it make a difference if it were 2 years or 150 years?
People like you put down the entire anti-AY argument as simple NIMBYISM. YOu don’t address the concerns we have. You insist we demonize ratner because we are against all development. You absolutely refuse to consider any o our objections or concerns are real. Just like westernygirl who simply dismisses us as fanatics.
I could have said screw you too. you certainly deserved it.
Wow- I get on a train to Montauk and I miss all the fun. Go Nets!
BXGRL, screw you (and believe me that’s much nicer than what I was gonna say for you to do to yourself).
One, I never, “blew off” your concerns, or invalidated them. I just disagree with them. I’m all for the debate on public subsidies, eminent domain and responsible development, I just don’t think the number of people who share your views outnumber the number of people who share mine.
Second, if you REALLY, HONESTLY don’t think that when I’m having a conversation in LA with a Lakers fan about basketball that they would say positive things about the Nets moving to Brooklyn, or in Paris with an NBA fan having a similar conversation, I’ve got a bridge to sell to YOU…I guess you must not be a sports fan (nothing wrong with that)
Third, how the hell do you know that you’ve been in Brooklyn longer than I have…how old are you? If your not than 40, maybe you’re couting the years you were here in your previous life, because I’ve been here for 40 years(aka my whole life).