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
“if you think people from Canarsie and Mill Basin and Forest Hills and Jackson Heights and and and are all going to take the subway if they know THERE WILL BE PARKING, you are blindingly naive.”
Of course I do not think ALL Queens and Brooklyn residents are going to take the subway – but with little extra incentive most will (you think their are no Knick or Rangers fans in those places??? and yet somehow MSG isnt surrounded by acres of parking) and how many people from (real) southern Brooklyn and Northern Queens do you think are going to go to each game? The area will only hold 20K at most – its not like they are all going to come from Mill Basin!
DDDB,
I have always wondered how many people were part of the Anti-AY movement, and now we know. “4500”. So basically 4500 people out of a city of 3 million + are hellbent on destroying a project that would FINALLY do something about the hole in the ground that’s been sitting at the corner of Flatbush and Atlantic for over 50 years. 4500 people out of 3 million?!? Unbelievable! I wonder how many people out of that 4500 even LIVE in Brooklyn, much less are FROM Brooklyn. It’s so disingenuous for DDDB to even talk about the “Unity” plan as their “ultimate” goal: (a) It’s not as if Extell were talking about the Unity plan prior to Ratner proposing Atlantic Yards…NOBODY was even talking about doing anything at that P.O.S location before AY was proposed and (b) I guarantee if AY goes down in flames (which it just may), that’s the last we will ever hear from DDDB…Goldstein will move back to Manhattan to spend his trust fund money (if he’s not already there) and we real Brooklynites will be stuck with that eyesore for the rest of our and our childrens natural lives. Bank on that.
FSRQ SAID
Yet now the community needs a voice more than ever – an arena will prove to be an amazing asset to the boro, but only if done correctly – with little to no parking lots, commitments for a certain amount of public events (H.S Basketball, etc…) and coordination on scheduling to maximize public transportation usuage at the arena.
Hey, thanks for laying out just a few of the reasons many of us genreally PRO-DEVELOPENT people are ANTI-AY! These are PRECISELY some of the issues we have been raising that have NEVER been addressed by Forest City/ESDC/mayor/governor, etc, as regards AY. THERE ARE PARKING LOTS in the AY plan. There will be NO COMMUNITY ACCESS to the stadium. There is NO EFFECTIVE PLAN to make sure people take mass transit.
Bxgrl is exactly right — if you think people from Canarsie and Mill Basin and Forest Hills and Jackson Heights and and and are all going to take the subway if they know THERE WILL BE PARKING, you are blindingly naive.
The reason why politicians like Ratner is that he pays them well. I am sure that Markowitz is looking forward to retiring as an employee of FCR. This was a back-room deal from the onset. More privitization of the city (those so-called “pubic” spaces that are owned by FCR and are only available to the public under its terms). A gentrifying — not blighted — area given to a single political crony on a silver platter. And when the towers — whether residential or commnercial — ever get built, the city/state will bail him out again by moving offices there or underwriting rent rolls. Yes, just like Metrotech and the Mall (with the DMV) etc.
Novgorod Nets. I like it. I’d much rather see the Nets become the first NBA franchise in the Eastern Hemisphere than have this taxpayer-subsidized travesty go forward here.
i love that on my first day back there is a story abut a Russian Billionaire that is ging to bailout Brooklyn!! Bullish
fsrg- I think you drank ratner’s koolaid. Did you not read the subway study done last year? Did you really believe people coming in from the outer parts of brooklyn or queens- where trains are far apart and they need cars to get around, are going to hop on public transportation? I’vetaken public transportation all my life- you have no idea how bad it is the further out you go and how difficult it is to get around. You’re spoiled.
Built by now? That was a joke, right? The AY plan was an obscenity. Over sized, overscaled, isolated from the surrounding communities and not only stealing by demapping streets, but by eminent domain.
As to why DDDB should have come up with a plan to work within Ratners’s- again, you’re joking. They cmae up with a plan before the MTA sold the air rights to Ratner. Don’t put the blame on DDDB if the arena is a mess- it’s Ratner’s project, it’s his responsibility. But then, what can you expect when the ESDC can’t even be bothered to have an environmental impact statement and there was no transparency in the process to give taxpayers dollars to ratner.
babs – Urban settings for arenas have been around since at least Roman times, I hardly think supporting one for Brooklyn will turn us into surburban LI
DDDB – please do not try to misrepresent your position, we have spoken on this in the past – your goal has ALWAYS been – NO ARENA (and no to density.)
The rest of your diatribe is just silly…the transportation hub is not near capacity, nor are the individual lines – further even if they were (which they are not) it is irrelevant because future capacity can almost only be realistically added to the existing infrastructure.
As for your supporters – the immediate neighborhood has over 145,000 residents (ignoring the fact that the rest of the boro, city and region certainly are impacted by what is or is not built), the fact that you may have donations for less than 4% of them (are all from the immediate area – bet not!) hardily shows you represent anything. And the relection of an incumbent City Council person, hardily tells us anything since 1. incumbents virtually always get relected and 2.. AY was highly the only issue at play. Further I note that in the last election cycle when the vast majority of local, City and State elected officals expressed SUPPORT for AY (and challengers failed to get elected in opposiion) – DDDB response was to allege that the results meant nothing, Ratner bought everyone off, and that it didnt reflect the will of the people.
If DDDB really wanted to represent the neighborhood and have an impact on what will built there, you should come up with an alternative plan/suggestions that work WITHIN Ratner’s overall plan. Because Ratner will be the developer at AY, and arena will be started in the near future…so the goal at this point should be to get the most public transit friendly, community focused arena we can – not try to stop the inevitable and end up with the worst of all situations