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
westernnygirl- perhaps if he hadn’t made an issue of where I come from or how long I’ve been here. Or waxed hyperbolic on the world waiting for us to get the nets? Or maybe it was his contention that anti-AYers don’t care about Brooklyn or its future? I don’t care if he disagrees- I care how he disagrees. That hardly makes me a fanatic but as I pointed out- pro-AYers have their own fanaticism, and refuse to recognize it. I believe it is called Pot. Kettle.Black.
“FtGreenCorey- all across the country people say they can;t wiat for us to get the nets? Really…All across the country?”
Actually, I believe Corey said this was the response all around the world.
If Ratner were willing to pay fair market value for land, and build without public subsidies, I really wouldn’t care if he wanted a stadium there. Traffic and subway congestion would work themselves out one way or another.
Unfortunately, that’s not how Ratner operates. He has no interest in spending his own money when politicians are only too happy to let him spend ours.
Bxgrl’s extremely hostile, over-the-top response to a reasoned post by FtGreeneCorey, whose sin seems to be that he disagrees with her, proves my point–this issue has been hijacked by fanatics. I have never had a discussion with any of the DDDB supporters (and yes I have tried) without being accused of either being on the payroll of Ratner or brainwashed by him. I respect many of the reasons why people are opposed to Atlantic Yards, I just happen to have different reasons for supporting it. But the DDDBers see no middle ground–to them, Ratner is evil incarnate, and if you don’t agree with them then you are just a worthless shill. What’s up with that?
Excuse my typos- when I’m pissed I type faster than I should. (administration, happily, can’t, wait, acts, development,have no, )
FtGreenCorey- all across the country people say they can;t wiat for us to get the nets? Really…All across the country? So listen, I have this bridge….
Your post is another perfect example of how pro-AYer act. Rather than discuss the objections or concerns you blow them off. Like the Bush adminsitration- a Real Brooklynite (Patriot, American) would support AY (Iraq War, Patriot Act). Only someone from here would have a vested interest…blah blah blah.
I was happilty born and raised i the Bronx and I have been in Brooklyn longer than you have. (But your question was stupid in any case). The idea that I have not vested interest or don’t care about the future of Brooklyn is obviously predicated on your ignorance of anything that I am involved in regarding Brooklyn and its communities.
Not only do I care, but I care enough to want to wait for the right developemnt to come along- not some ego driven, shortsighted, my dick is bigger than yours project that some guy from Ohio wants to build via public money and eminent domain. One that will impact the traffic and infrastructure- not in a good way. Would that you cared nearly as much.
bxgrl is 100% right. If anything FCR’s Metrotech is hindering organic development and improvement in the area. There is nothing close to a decent place to eat in the complex. It shuts down at 4pm (except for Luciano’s that stays open till about 8pm). There is no ground floor retail and many floors in many of the buidlings are empty. If it had been developed with mutilple builders/owners and not demapped streets, it could be great. Instead it is a “park” where someone passing out flyers for a restaurant can be arrested.
DDDB and BXGRL….where are you FROM and how long have you been HERE?
DDDB and Bxgrl – The bottom line is for every person you say is “Anti-AY”, I can come up with a person that is “Pro-Ay”. So on that level it’s a wash…you guys socialize with people who’se world view is Anti-Development (anti “The Man”), and I socialize with people who remember when Brooklyn was not a very nice place and are happy to see our city finally realizing its potential. We fundamentally come from different worlds. To be honest, the folks that I grew up with in Ft. Greene, Brooklyn are bursting with excitement about the prospect of professional basketball in Brooklyn. I fundamentally believe that this project and this arena will be great boost for Brooklyn and will raise Brooklyn’s international profile immensely. Just the prospect of it already has changed the way people outside of NYC perceive Brooklyn (in case you didn’t know, people outside of NYC still have a “Welcome Back Kotter” perception of Brooklyn) Whenever I travel across the country and around the world, I always make a point of telling people I’m from “Brooklyn” (as opposed to New York), and it’s shocking how many people respond, “we can’t wait for you guys to get your basketball team…you deserve it!” Keeping it in perspective, the pro/anti AY debate is fundamentally a local issue, but the people I have met who are even aware of the delays always ask why the arena has not yet been built, and when I explain the anti-eminent domain and anti-public subsidy viewpoint…I always get the same “deer in the headlights” response. 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. Check it, the UNITY plan ain’t happening…it’s really AY or bust. If your from New York, and know anything about New York politics, you know two things, (i) it’s virtually IMPOSSIBLE to get ANY major development projects completed (We’ve been waiting for Brooklyn Bridge Park for 30 years, the West Side Rail Yard redevelopment for 20 years and the World Trade Center site for the past 8 years) and (ii) it’s so difficult for the stars to align on major development project, that once the political will unravels, it’s a wrap on any alternative proposals….DDDB and BXGRL, you (should and probably do) know that…and if so, shame on you!
He does- takes a long time and he gets a lot of favors. Metrotech certainly is an improvment on what was there before but he talked about a vivid night life and how much it would do for the neighborhood. In fact its a black hole after hours, and is isolated from the community. It even has checkpoints. Then take a look at his malls. The worst designed shopping malls in the country. So while you can say he gets stuff done, he doesn’t think them out well.